Reuters, HONG KONG/LONDON, July 6 – Didi Global Inc (DIDI.N) shares fell 25% in pre-market trading in the United States on Tuesday, days after China’s cyberspace regulators ordered the company’s app to be taken down days after its $4.4 billion IPO on the New York Stock Exchange. The Cyberspace Administration of China (CAC) ordered the ride-hailing giant’s app to be withdrawn from Chinese app stores on Sunday, following an official probe into the company’s management of client data. Due to the July 4th holiday, the US stock market was closed on Monday. Didi said on Monday that the app’s restriction will hurt its earnings in China, despite the fact that it would remain available to existing customers. The company informed Reuters on Monday that it was unaware of the probe prior to the IPO last week. find out more Didi shares were trading at $11.59 in pre-market trade on Tuesday, significantly below their IPO price of $16.65 on June 30. Didi’s first public offering (IPO) generated $14 billion, making it the largest Chinese company to list in the United States since Alibaba raised $25 billion in 2014. As of Friday, the corporation was valued at up to $75 billion. CAC announced that it has ordered app retailers to cease selling Didi’s app after discovering that the business had improperly gathered personal data from consumers. Scott Murdoch and Thyagaraju Adinarayan reported from Hong Kong, and Sumeet Chatterjee and Louise Heavens edited the piece. The Thomson Reuters Trust Principles are our standards./n
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