Didi Extends Drop After Sliding Below IPO Price on Crackdown


© Bloomberg. A pedestrian pass a logo at the Didi Global Inc. headquarters in Beijing, China, on Monday, July 5, 2021. China expanded its latest crackdown on the technology industry beyond Didi to include two other companies that recently listed in New York, dealing a blow to global investors while tightening the government’s grip on sensitive online data. Photographer: Yan Cong/Bloomberg


(Bloomberg) — Didi Global Inc. (NYSE:) extended losses in U.S. premarket trading, falling further from the price the shares were sold at in last week’s initial public offering after a Chinese crackdown on firms listing their shares abroad.

The ride-hailing company traded at $12.14 as of 4:09 a.m. in New York, after falling as low as $11.90. The stock last closed at $12.49. The American depositary shares slumped 20% on Tuesday after China issued a sweeping warning to some of its biggest companies, vowing to tighten oversight of data security and overseas listings. Didi shares were sold at $14.

Didi’s offering was the second-largest U.S. IPO for a Chinese firm on record. The company lost about $15 billion of market value on Tuesday alone.

©2021 Bloomberg L.P.

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