Shares of Chinese ride-hailing giant Didi continued their precipitous downward slide Wednesday as investors dropped the company amidst an ongoing crackdown by Chinese officials.
Didi shares, which went public just one week ago, were down another 7% in early trading Wednesday, hitting yet another all-time low. This follows Tuesday’s crash, where the share price fell as much as 25% at one point.
Chinese regulators announced a review of the company soon after its U.S. stock debut, and banned new users in China would not be able to download the app while the government conducted that review.
That action hit Didi hardest, but also caused a ripple effect among other Chinese stocks, as investors worried about potential reviews and crackdowns on those businesses as well. That effect was still being felt Wednesday, but to a much smaller extent. Companies like Baidu, JD.com and Alibaba were all off roughly 2%.
Didi’s steep declines follow a report on Monday in The Wall Street Journal that Chinese regulators suggested to Didi officials that they delay their U.S. IPO weeks before trading began, further suggesting a self-examination of its network security. The company chose to ignore both pieces of advice.
As of 10:30 a.m. ET, Didi shares were down 35% from where they were a week ago.
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