DiDi Faces Double Whammy Of US, China Investigations

The U.S. SEC is probing DiDi Global Inc's DIDI botched U.S. IPO, the Financial Times reports.
DiDi's annual report disclosed that "the SEC contacted us and made inquiries in relation to the offering."
DiDi President Jean Liu also made her posts on the Chinese social media platform Weibo Corporation WB invisible to her 10 million followers over the weekend.
Also Read: Why DiDi Global Shares Are Plunging Today
The media targeted Liu for her perceived role in pushing the U.S. IPO. The attacks included her father, Liu Chuanzhi, founder of Lenovo Group Ltd LNVGY, a prominent figure in Chinese private enterprise.
The Uber Technologies, Inc UBER counterpart has been battling Beijing's national security probe since June 2021, just two days after its $4.4 billion IPO.
DiDi's revenues declined by 12.7% in the fourth quarter and the stock lost over 85% since its IPO, cutting the value of the stake of Softbank Group Corp's SFTBY SFTBF Vision Fund, its largest shareholder, by ~$10 billion.
China launched an investigation into DiDi, forcing the domestic app stores to remove all of DiDi's core services, sending its share price plunging and constraining its ability to sign-up new users.
DiDi looked to abandon its U.S. listing following the launch of Beijing's investigation and relist in Hong Kong.
Price Action: DIDI shares are down by 5.97% at $1.89 premarket on the last check Wednesday.