Wave of sales on the Didi stock that marks Wall Street a thud of almost 23% at the start following the move by the Chinese authorities over the weekend to prevent new users from downloading the APP out of concern about the collection of personal data of the users.
Didi Chuxing, the largest Chinese ride-sharing company, has announced that there will be a negative impact on its revenues after its app is removed from Chinese online stores.
The move by the Chinese government comes just days after China’s Uber debuted on the New York Stock Exchange. According to the Wall Street Journal, Chinese regulators had suggested Didi delay his IPO while addressing these issues. However, in the absence of a formal ban and under pressure from investors to cash in, the company continued its listing plans.