Thursday, July 29

Didi IPO

China Tech, Chinese tech stocks, Didi Chuxing, Didi IPO, Didi stock, Didi stock price, full truck alliance, Kanzhun, Markets, MI Exclusive, Uber

Didi plunges 30% in premarket trading after China cracks down on ride-hailing app days after $68 billion US IPO

Didi Chuxing is China's biggest ride-hailing app. Reuters Didi shares plunged as much as 30% in premarket trading Tuesday after China cracked down on its app. Didi Chuxing listed on the New York Stock Exchange on Wednesday in a $68 billion IPO. Chinese authorities are taking a tough line with the ride-hailing app maker and other tech companies. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shares of Chinese ride-hailing app maker Didi plunged as much as 30% in premarket trading on the US stock market on Tuesday, after China cracked down on the company only days after its blockbuster US initial public offering.Didi's American depository receipts then pared some of their losses to stand 20.99% lower at $12.27 as of 06.15 am ET. US equity markets will reo...
Didi, Didi IPO, Didi stock, IPO, ipo 2021, Markets, MI Exclusive, Ride hailing apps, stock market, stock market 2021, Trading

Didi soars 28% in the largest IPO debut for a Chinese firm since Alibaba, valuing ride-hailing firm at $86 billion

President of Didi Liu Qing and CEO of DiDi Cheng Wei and at the D1 launch event in Beijing on November 16, 2020. Xin Yue/Huanqiu.com/VCG via Getty Images Shares of Didi soared as much as 28% in its IPO debut on Wednesday, lending the Chinese ride-hailing platform a valuation of about $86 billion.The firm priced its IPO at $14 per share and raised about $4.4 billion in proceeds, making it the largest IPO for a Chinese firm since Alibaba in 2014. At the IPO price, Didi was valued at about $67 billion. The company sold 317 million shares , and had guided for an IPO price range of $13-$14.Didi is the second largest ride-hailing app by market value in the world. Uber currently sports a valuation of about $93 billion, while Lyft trades at a $20 billion valuation. The company generated ...