Didi Extends Drop After Sliding Below IPO Price on Crackdown
Bloomberg
Published Jul 07, 2021 04:11AM ET
Updated Jul 07, 2021 04:54AM ET
Didi Extends Drop After Sliding Below IPO Price on Crackdown
(Bloomberg) -- Didi Global Inc. (NYSE:DIDI) 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.
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