[Reuters]–Chinese ride-hailing service giant Diddy announced that it will start delisting procedures from the New York Stock Exchange (NYSE) and preparations for listing in Hong Kong. It was significantly cheaper on the 3rd. Concerns over rigorous investigations by Chinese regulators and tense US-China relations have increased.
According to people familiar with the matter, Didi will prioritize the listing procedure in Hong Kong over the delisting procedure in NY, and hope to complete the duplicate listing in NY and Hong Kong in the next three months.
Didi’s US-listed stock fell 22.2% to $ 6.07 on the 3rd. Drops went public in June this year for an initial public offering (IPO) of $ 14 per share, raising $ 4.4 billion.
Justin Tan, head of Asian research at United First Partners, said the case of Didi “sets a precedent for other US-listed Chinese companies that are particularly concerned about data.”
Among the US listed stocks, China’s e-commerce giant Alibaba Group is down 8.2%, China’s Internet search giant Baidu is down 7.8%, and China’s e-commerce giant JD.com Was 7.7 lower.
Chinese education companies TAL Education Group and New Oriental Education and Technology Group also fell 8.8% and 9.2%, respectively.
Crane Shares CSI China Internet ETFs are also 7% cheaper. Chinese e-commerce company Pinduoduo is down 8.2%, Chinese video distribution giant Biribiri is down 7.1%, Internet service giant Tencent Holdings’ game video distribution site “Huya Fang” Was 12.9% cheaper.