News of DiDi Global’s delisting pushed Chinese stocks down broadly.
What happened
Shares of Baozun ( BZUN -8.39% ), Bilibili ( BILI -7.15% ), and Baidu ( BIDU -7.77% ) dived today as U.S.-listed Chinese stocks responded poorly to news that DiDi Global ( DIDI -22.18% ), the Chinese ridesharing leader that had just held a blockbuster initial public offering (IPO) back in June, would delist from the New York Stock Exchange.
The announcement spooked holders of U.S.-listed Chinese stocks broadly, and as of 2:20 p.m. ET on Friday, Baozun was trading down 9%; Bilibili, meanwhile, was off 7.5%, and Baidu had given up 8.5%. At the same time, DiDi shares had lost 20.1%.
So what
In a press release this morning, DiDi said it would begin the process of delisting its American depositary shares from the New York Stock Exchange. It said that the shares would be freely convertible into those on another internationally recognized stock exchange pending a shareholder meeting to decide which one. The…
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