Staff of Reuters Read for 2 minutes Reuters, July 8 – Shares of Didi Global Inc, along with those of other IT behemoths, fell for the fourth day in early trading on Thursday, owing to expectations of repercussions from China’s recent intensified scrutiny of domestic technology businesses and firms listed outside. Other U.S.-listed Chinese internet titans, such as Alibaba Group Holding Ltd, JD.com Inc, and Baidu Inc, saw secondary shares fall between 2.7 and 4.0 percent. “Right now, there’s a lot of worry. It’s a “sell first, ask questions later” strategy “Nuvest Capital fund manager Dave Wang stated. “Is China’s technological era coming to an end? That, in my opinion, is exaggerated. Feelings ebb and flow. We’ll probably need a few solid earnings seasons… to see if there’s any influence on earnings.” Over the past three sessions, shares of Didi, the ride-hailing platform whose app was shut down by Chinese regulators days after its NYSE debut, have lost nearly $21.5 billion in market value. (Medha Singh contributed reporting from Bengaluru; Tom Westbrook contributed additional reporting from Singapore; Shounak Dasgupta edited)/n
Read More
