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Didi Crackdown Muddies Investment Case for Chinese Tech Stocks (2)

July 7, 2021, 12:32 PM

The Chinese version of Uber had just started trading in the U.S. when regulators in Beijing stepped in and all but halted growth in its biggest market.

The actions that China’s cyberspace regulator took this week against Didi Global Inc. — in the name of domestic security — complicated the picture for investors betting on the country’s tech giants. Didi’s share price fell as much as 25% on Monday before paring some losses.

Last week, Didi pulled off the second-largest U.S. initial public offering for a Chinese firm, raising $4.4 billion in U.S. dollars. It had an initial 29% pop but then fell ...