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