U.S.-listed shares in Didi Global and other Chinese tech companies tumbled on Tuesday after regulator

Didi and Other U.S.-Listed Chinese Tech Stocks Tumble Amid Beijing Crackdown | Barron's

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2021-07-06 19:00:07

U.S.-listed shares in Didi Global and other Chinese tech companies tumbled on Tuesday after regulators intensified a crackdown on the country’s New York-listed technology companies.

Didi Global (ticker: DIDI) stock fell more than 25% on Tuesday after Beijing’s Cyberspace Administration ordered app stores to remove the Chinese ride-hailing giant’s services from its platforms on Sunday.

The cybersecurity regulator widened its attack on Monday, launching a review of two U.S.-listed Chinese app makers: Full Truck Alliance (YMM), which operates truck-hailing apps; and online recruiting app Kanzhun (BZ).

The regulator ordered the companies to stop adding users while the investigations were conducted, The Wall Street Journal reported. Full Truck Alliance fell as low as 20% in premarket trading and was still in the red during regular trading, while Kanzhun was down more than 10%.