Didi U.S. Exit Adds to Pressure on China Valuations
- Ride-hailing company plans to list its shares in Hong Kong
- Other China technology stocks also tumbled on Friday
The Didi Global Inc. website.
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Chinese technology shares already sell at a discount to their U.S. peers, in part because of Beijing’s regulatory crackdowns. That gap may get wider if more companies follow Didi Global Inc.’s lead and abandon their New York stock listings.
A whopping $1.5 trillion has been wiped off China tech stocks since they peaked in February, and Didi’s decision to move its stock listing to Hong Kong could cast a further shadow over the likes of Alibaba Group Holding Ltd., Baidu Inc. and Bilibili Inc.