Didi's 44% slump makes it biggest China IPO loser in US
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[HONG KONG] As Didi Global starts work on delisting its US shares, the ride-sharing company is poised to deliver the worst performance in initial months of trading for any major Chinese listing stateside.
With the stock down about 44 per cent since the debut in June and set to slump further once trading starts in New York on Friday (Dec 3), Didi's first half year is likely to deliver the biggest drop on record among Chinese firms that raised at least US$2 billion through offerings in New York, according to data compiled by Bloomberg.
Didi has begun preparations to withdraw from US stock exchanges and will start work on a Hong Kong share sale, it said on Friday. Didi is aiming to file for the Hong Kong listing around March, people with knowledge of the matter said, asking not to be identified as the plans haven't been made public.
About 36 per cent of Didi's outstanding shares were sold short, according to IHS Markit data.
BLOOMBERG
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