UBER - Alibaba hits 52-week-low; Chinese stocks slump on DiDi's U.S. delisting plans

Uncertainty pervaded over many Chinese Internet companies Friday following DiDi Global's (NYSE:DIDI) announcement that it will delist its shares from the New York Stock Exchange. DiDi (DIDI) shares gave up as much as 13% as investors reacted to the Chinese ride-sharing leader saying late Thursday that it will seek to move its stock listing to the Hong Kong Stock Exchange. The company gave no precise date for the move, but said in a statement that it would have its shareholders vote on delisting from the NYSE "at an appropriate time in the future." DiDi's (DIDI) plans were seen as in reaction reports that the Cyberspace Administration of China had asked company officials to work up a plan to delist its shares from stock markets in the United States. Chinese regulators have been cracking down on many of the country's largest tech companies this year over matters ranging from anti-competitive business practices to the

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Alibaba hits 52-week-low; Chinese stocks slump on DiDi's U.S. delisting plans