Didi shares fell more than 3% in premarket trading.

Tiger Newspress2021-07-07

Didi shares fell more than 3% in premarket trading.

Two Chinese popular mobile apps, Ant's Alipay and Tencent's Wechat, have suspended the light-version software of Didi Global Inc's ride hailing services in China to new users, a source familiar with the matter said.

The light-version platforms, known as mini programmes, are smaller than common mobile apps and exist inside a super, or multifunction app, such as Alipay or Wechat.

Didi also operates a standalone app. Last week China's cyberspace regulator ordered app stores to remove Didi's app and Didi has stopped new user registrations after the regulator said Didi illegally collected user data.

Regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, according to people familiar with the matter.

The China Securities Regulatory Commission is leading efforts to revise rules on overseas listings that have been in effect since 1994 and make no reference to companies registered in places like the Cayman Islands, said the people, asking not to be identified discussing a private matter. Once amended, the rules would require firms structured using the so-called Variable Interest Entity model to seek approval before going public in Hong Kong or the U.S., the people said.

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Comments

  • HHLim
    2021-07-10
    HHLim
    Sad
  • Jacklai
    2021-07-09
    Jacklai
    Buy or sell...
    • Kmyong
      Buy for long term withIn 6 mths usd20 target
  • OutOfTheBox
    2021-07-08
    OutOfTheBox
    No surprise to see $10 going at this kind of sentiment.
  • JCKL488
    2021-07-08
    JCKL488
    I believe in DIDI as it’s got a larger revenue potential than Uber
  • YangXH
    2021-07-08
    YangXH
    I hope, It will rebound soon.
  • AKKok
    2021-07-08
    AKKok
    The time has come.
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