Didi Plunges Below IPO Price as China Expands Crackdown
- Shares tumble 20%, erasing about $15 billion of value
- Shares of Full Truck Alliance, Kanzhun also sink on China move
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Didi Global Inc. plunged Tuesday in U.S. trading as the ride-hailing company faced scrutiny over its data security and a broader Chinese crackdown on companies listing their shares abroad.
China’s State Council issued a sweeping warning to China’s biggest companies, vowing to tighten oversight of data security and overseas listings. That announcement followed the opening of a security review by China’s internet regulator last week and a demand for app stores to remove Didi.