- NYSE:DIDI edged lower on Thursday, falling by 0.23%.
- DiDi denied that it would shuffle its management following the investigation.
- Chinese stocks continued to pull back on earnings weakness.
NYSE:DIDI failed to stay in the green on Thursday, as the stock slid into the red just before the closing bell. Shares of DIDI fell by 0.23% and closed the trading session at $8.81. It seems as though the $9.00 range may be acting as an area of resistance now after the support broke during yesterday’s session. Investors should expect continued volatility and bearishness from the markets towards Didi, especially as the current cybersecurity probe continues. Didi shares saw an incredibly low volume on Thursday with only 9.7 million shares being traded compared to the recent daily average of over 71 million shares.
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Didi came out and denied reports that the current investigation would force the company to shuffle its executives and management. The Cyberspace Administration of China is keenly interested in where the green light for the U.S. IPO came from, despite an ongoing investigation into Didi’s data sharing practices. While the agency continues to interrogate Didi management, the company has come out and supported its leadership during this tumultuous time. Didi shares are down 38% since the IPO date at the end of June, and with a lingering threat of delisting from the NYSE, investors should brace for more pain ahead.
NYSE:DIDI news
It was another day of general Chinese weakness as social media company Baidu (NASDAQ:BIDU) topped Wall Street estimates for its second quarter earnings. Baidu shares were down 3.23% after earnings were reported as the company warned that resurging cases of the coronavirus in China are causing some concerns for future guidance. Other Chinese stocks that were down include AliBaba (NYSE:BABA) and Nio (NYSE:NIO) which fell by 1.64% and 3.41% respectively during the session.
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