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Diddy Falls Premarket Jolt Investors as a Chinese Survey of US Listed Companies

Hong Kong — A survey of three tech companies by Chinese regulators shortly after the US listing surprised global investors shows the risk of owning shares in a fast-growing company under Beijing supervision. I am.

Newly listed Didi Global Inc. in the U.S. on Tuesday morning after China’s cybersecurity regulators began a data security review on Friday after hitting the ridehaling giant for the second time two days later. Depositary securities fell 22% in early pre-market transactions.

A division of regulators was also on Monday at the Full Truck Alliance Co. And Kanzhun Ltd. Announced a data security survey on popular mobile apps operated by. The ADR of these apps decreased by 16% and 10% in pre-market transactions, respectively. The US market was closed on Monday due to the holiday of July 4th.

The three companies raised a total of nearly $ 7 billion from their initial public offering in the United States in June, and their shares rose at the time of their trading debut.

Didi’s Chinese ride-hailing app, Full Truck Alliance’s two truck-hailing platforms, and Kanzhun’s online recruiting app have been ordered to stop adding users during the review. China’s Cyberspace Administration has instructed app store operators to shut down Diddy’s China service, saying Beijing-based companies have collected personal information “in violation” of national laws and regulations. Stated.

Diddy Falls Premarket Jolt Investors as a Chinese Survey of US Listed Companies

Source link Diddy Falls Premarket Jolt Investors as a Chinese Survey of US Listed Companies

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