REUTERS: Shares of Didi Global Inc extended their slide on Wednesday in the wake of China ordering the app to be removed from mobile app stores as part of a broader crackdown on China-based companies with overseas listings.
U.S.-listed shares of Alibaba and Tencent Music Entertainment Group were last off 1.1per cent and 2.5per cent, respectively. "As the risk of investing in Chinese tech in the U.S. increases, the ability of Chinese tech firms to raise capital drops with it, making listings in the U.S. less attractive going forward."
Short interest in the group has fallen to US$43.5 billion from US$50.6 billion this year, while short interest as a percentage of float fell to 3.81per cent from 5.67per cent, reflecting a closing out of some positions that were in the red after a market rally in January and February, Ihor Dusaniwsky, S3's managing director of predictive analytics, said in a report.