Shares of DiDi Global Inc - ADR (NYSE: DIDI), widely characterized as the Uber Technologies Inc (NYSE: NYSE:UBER) and LYFT Inc (NASDAQ: LYFT) of China, fell 44% on Friday alone following a Bloomberg report titled “Didi Global Said To Halt Hong Kong Listing Plan On Cybersecurity Probe”.
The Bloomberg report stated: “The decision came as the Cyberspace Administration of China informed executives of the ride-hailing giant that their proposals to prevent security and data leaks had fallen short of requirements, according to people familiar with the matter.”
Also See: Tesla Bumps Up Prices Of Model 3, Model Y EVs In China By Over $1,500
Didi shares also fell this week on continued volatility in Chinese stocks amid regulatory concerns. Reports the SEC has identified multiple US-listed ADRs as having not adhered to the Holding Foreign Companies Accountable act weighed on US-listed Chinese companies during Friday's session. Continued Russia-Ukraine conflict could also be impacting Chinese stocks.
Didi is a mobility technology platform. It is building four key components of its platform that work together to improve the consumer experience: shared mobility, auto solutions, electric mobility and autonomous driving.
Didi is trading lower by 52% at $1.89 over the trailing 5 sessions.
Didi has a 52-week high of $18.01 and a 52-week low of $1.71.
Photo: Courtesy of didiglobal.com
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