© 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/File Photo

LONDON (Reuters) – Shares in Didi slumped 25% in U.S. premarket trade after the ride-hailing giant’s app was ordered to be taken down from mobile app stores in China on Sunday, a blow to the $75 billion company which listed its shares in New York last week.

Didi said on Monday that the Cyberspace Administration of China’s () ban on the app would have an adverse impact on its revenue in China. The removal of the app however does not affect existing users.

In premarket trading on Tuesday, Didi shares were trading at $11.59, well below its debut price of $16.65 on June 30. U.S. stock markets were closed on Monday.

The CAC said it had ordered app stores to stop offering Didi’s app after finding that the company had illegally collected users’ personal data.

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.

Source link


Please enter your comment!
Please enter your name here