Why Didi Chuxing, The Uber And Lyft Of China, Fell 52% Last Week

Shares of DiDi Global Inc - ADR DIDI, widely characterized as the Uber Technologies Inc UBER and LYFT Inc 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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: MoversTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!