Didi Loses $22 Billion in Market Cap After China Crackdown
Divya Balji and Filipe Pacheco, 06 July 2021
Didi Global Inc. plunged in premarket trading after a Chinese regulator ordered the removal of the company’s platform from app stores, days after a $4.4 billion initial public offering in the U.S.
Shares of the China-based tech firm fell as much as 30% to $10.90, wiping out about $22 billion of market value and taking the stock below the $14 IPO price. They traded at $12.17 as of 6 a.m. in New York. Continue reading “Article: Interpol issues red notice for Guptas and associates”
(Bloomberg) — The full implications of Beijing’s rapid-fire moves against Jack Ma’s internet empire in recent days won’t be apparent for weeks, but one lesson is already clear: The glory days for China’s technology giants are over.
Shares in Alibaba surged on Monday after the e-commerce company said that a record $2.8bn (£2bn) fine handed down by Chinese regulators marked the end of an investigation into anti-competitive practices at the company.
Shanghai, China: Chinese regulators have hit e-commerce giant Alibaba with a massive 18.2 billion yuan ($2.78 billion) fine over practices deemed to be an abuse of the company’s dominant market position, state-run media reported on Saturday.