Didi Global Inc., China¡¯s largest ride-hailing app operator, went public on the New York Stock Exchange on June 30, pricing its initial public offering at the top of its range at $14 (?1,540), meaning its total market value would reach some ?8 trillion.
It is not surprising that the market welcomed the debut, considering the company¡¯s rapid growth in the roughly nine years after its launch, making full use of artificial intelligence and data systems as its business strategy.
But shock waves hit the market only a few days later. Didi shares fell as much as 25% compared to the closing price from the previous week, after Chinese regulators on July 4 ordered app stores to remove the company¡¯s app, citing serious legal violations regarding its collection and usage of personal information, and the Chinese government announced on July 6 it would tighten oversight of companies listed overseas.
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