China’s cyber security regulators have launched an investigation into Didi, sending the ride-hailing group’s shares sharply lower on its third morning of trading in New York.
The Cyberspace Administration of China made the sudden announcement on Friday evening, Beijing time, two days after Didi raised at least $4bn in the year’s biggest initial public offering.
Despite the record fundraising, Didi kept the occasion low-key, without celebrating on its domestic Weibo social media channel, organising a press conference, or taking part in a bell-ringing ceremony in New York.
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