Didi’s shares slid 7% in extended trading, deepening an 85% loss since its initial public offering in the summer of last year. The Chinese company said it’s cooperating with the probe, without providing further details.
U.S. lawmakers had called last year for an investigation into Didi’s controversial IPO — the biggest by a Chinese firm since Alibaba Group Holding Ltd. China’s cybersecurity watchdog stunned investors by announcing its investigation into Didiafter the listing, suspending the internet giant’s main apps from domestic stores.
“After our initial public offering in the United States, the SEC contacted us and made inquiries in relation to the offering,” the filing read. “We are cooperating with the investigation, subject to strict compliance with applicable PRC laws and regulations. We cannot predict the timing, outcome or consequences of such an investigation.
The company has been in talks with the Cyberspace Administration of China about a fine and other penalties, Bloomberg News has reported. But central government officials told the CAC they’re not satisfied with the proposed punishments and asked for revisions, people familiar with the matter have said.
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