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Didi’s US shares plunge following crackdown by Chinese authorities (Business Insider)

July 06, 2021

Shares in Didi Chuxing, a Beijing-based rideshare provider similar to Uber Technologies Inc. (NYSE: UBER), dropped as much as 25% on the US stock market today after Chinese authorities on Sunday ordered app stores to remove it from their platforms, Business Insider reported. The Cyberspace Administration of China cited serious violations in the collection and use of personal data. Didi listed on the New York Stock Exchange on June 30 in a $68 billion IPO.