Didi’s $4.7bn loss shows damage of Beijing’s onslaught against Chinese tech companies

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Business News News

Surprise disclosure comes as ride-hailing giant prepares for Hong Kong listing after forced exit from New York

Didi Global headquarters in Beijing, China. File photo: BLOOMBERG/YAN CONG

The ride-hailing giant is planning to work with Goldman Sachs, CMB International and CCB International on the shift, which could be a so-called listing by introduction, people familiar with the matter said. That arrangement, which does not involve any fundraising, requires little marketing and would allow US investors to swap their shares for the new stock in Hong Kong.

“It’s clear that many investors have underestimated the impact of the regulatory reforms,” said Justin Tang, head of Asian research at United First Partners. “Didi’s disclosure of its losses might be a benchmark for investors. Sentiment is still weak for these Chinese tech names and investors are focused on any reason to sell.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Taking care of my debts and giving my family the best financially is what I have long waited for, TarellaCampbel thank you for helping me gain financial success.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ProShares plans to launch a metaverse ETF that tracks companies like Apple and MetaThe ETF will track the performance of companies involved in metaverse-related technologies, if approved by regulators, the filing showed.
Source: BISouthAfrica - 🏆 34. / 51 Read more »