The Didi share, which is listed in New York, closed more than 11 percent lower on Thursday.
The Hang Seng index in Hong Kong was interim 1.1 percent in the min. Tech company Tencent, which has a large stake in Didi, fell 1 percent in Hong Kong. Didi went public in New York at the end of last month despite objections from Beijing. Forced delisting from Wall Street would also be a possibility, according to Bloomberg news agency. Beijing has been trying to curb major Chinese technology concerns for some time. Online retailer Alibaba was fined $2.8 billion and insiders expect that Didi will be dealt with even harder.
The other stock markets in the Asian region showed a mixed picture. The main index in Shanghai lost 0.5 percent and the Kospi in Seoul climbed 0.1 percent. The All Ordinaries in Sydney fell a fraction. Australian casino company Crown Resort fell 2 percent. Star Entertainment has withdrawn its acquisition proposal for Crown Resort over concerns that the company may lose the license for its Melbourne casino due to possible money laundering. In Tokyo, where the Olympics officially start on Friday, investors had a day off.
Chinese tech companies under pressure on Hong Kong stock exchange | Financial Source link Chinese tech companies under pressure on Hong Kong stock exchange | Financial