{"id":131300,"date":"2021-07-06T12:58:17","date_gmt":"2021-07-06T12:58:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=131300"},"modified":"2021-07-06T12:58:17","modified_gmt":"2021-07-06T12:58:17","slug":"chinas-didi-makes-nyse-debut","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/chinas-didi-makes-nyse-debut\/","title":{"rendered":"China&#39;s Didi makes NYSE debut"},"content":{"rendered":"<p><cite>Hong Kong (CNN Business)<\/cite>Didi shares plunged as much as 22% in premarket trading on Tuesday as fallout continued over news of the company&#8217;s troubles in China.<\/p>\n<p>As of 6:30 a.m. ET, the company&#8217;s stock was trading at $12.40, well below its closing price of $15.53 on Friday.<br \/>\nTuesday is the first trading day in the United States since Chinese regulators banned Didi&#8217;s platform from app stores in the country over the weekend. US markets were closed on Monday for the 4th of July holiday.<\/p>\n<ul><\/ul>\n<p>The Cyberspace Administration of China restricted the Didi Chuxing app from being downloaded on Sunday after saying it posed a cybersecurity risk for customers, and that the platform was &#8220;found to have severely violated the laws by illegally collecting and using personal information.&#8221;<\/p>\n<ul><\/ul>\n<p><img decoding=\"async\" alt=\"China bans Didi, its biggest ride-hailing service, from app stores \" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210702085506-didi-app-china-07-02-2021-large-169.jpg\"><br \/>\nThe news has clearly rattled investors. Just last week, Didi had gone public in the biggest US initial public offering by a Chinese company since Alibaba&#8217;s debut in 2014, raising some $4.4 billion.<\/p>\n<p>But only two days later, China launched a probe into Didi and suspended the registration of new users on the app. The company&#8217;s stock price also tumbled on Friday.<br \/>\nDidi, which is enormously reliant on its home market and has 377 million active users in China alone, has said that it is complying with regulators&#8217; demands and working to make changes to its app.<\/p>\n<ul><\/ul>\n<p>The company has said that customers and drivers who already downloaded the app won&#8217;t be affected, but also warned that it expects a potential hit to revenue in China.<br \/>\n<em>\u2014 Laura He contributed to this report.<\/em><br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/07\/06\/investing\/didi-stock-china-probe-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong (CNN Business)Didi shares plunged as<\/p>\n","protected":false},"author":3,"featured_media":131299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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