China scrutiny fears hit Didi for fourth day By Reuters

<iframe src=”//″ width=”250″ height=”250″ scrolling=”no” border=”0″ marginwidth=”0″ style=”border:none;” frameborder=”0″></iframe>

© Reuters. FILE PHOTO: The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. REUTERS/Florence Lo/Illustration

(Reuters) – Shares of Didi Global Inc dropped for the fourth day in early deals on Thursday, along with other tech giants, on fears of a fallout from China’s increased scrutiny on domestic technology companies and firms listed offshore recently.

Secondary shares of other U.S.-listed Chinese tech giants including Alibaba (NYSE:) Group Holding Ltd, JD (NASDAQ:).com Inc and Baidu Inc (NASDAQ:) also fell in the range of 2.7% and 4.0%.

“There’s a lot of fear right now. It’s a sell-first-and-ask-questions-later approach,” said Dave Wang, portfolio manager at Nuvest Capital.

“End of era for China tech? I think that’s overblown. Sentiments come and go. We probably need a couple of good earnings seasons … to show the impact, if any, on earnings.”

Shares of ride-hailing platform Didi, whose app was taken down by Chinese regulators days after its New York Stock Exchange debut, have lost about $21.5 billion in market value over the past three sessions.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


− 1 = 9