Didi’s 44% Slump Makes It Biggest China IPO Loser in U.S.
(Bloomberg) -- As Didi Global Inc. starts work on delisting its U.S. shares, the ride-sharing company is poised to deliver the worst performance in initial months of trading for any major Chinese listing stateside.
With the stock down about 44% since the debut in June and set to slump further once trading starts in New York on Friday, Didi's first half year is likely to deliver the biggest drop on record among Chinese firms that raised at least $2 billion through offerings in New York, according to data compiled by Bloomberg.
Read: Didi Prepares U.S. Delisting, Hong Kong Share Debut
Didi has begun preparations to withdraw from U.S. stock exchanges and will start work on a Hong Kong share sale, it said on Friday. Didi is aiming to file for the Hong Kong listing around March, people with knowledge of the matter said, asking not to be identified as the plans haven't been made public.
About 36% of Didi's outstanding shares were sold short, according to IHS Markit data.
| Read More: |
|---|
| Didi's Homecoming, Delisting May Reduce Long-Term Risk: React |
| Why China and U.S. Are Clashing Over Stock Listings: QuickTake |
| U.S.-Listed China Stocks Slump as SEC Moves Closer to Delistings |
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