Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

China scrutiny fears hit Didi for fourth day

Published 07/08/2021, 06:21 AM
Updated 07/08/2021, 08:56 AM
© 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:BABA) Group Holding Ltd, JD (NASDAQ:JD).com Inc and Baidu Inc (NASDAQ:BIDU) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.