DIDI - Why Shares of DiDi Global Kanzun Limited and Full Truck Alliance Exploded Higher Today
Shares of several Chinese stocks exploded higher today after media outlets reported that months-long investigations significantly hampering their growth could soon come to an end.
Share of China's largest ride-hailing app, DiDi Global (NYSE: DIDI) , had popped nearly 50% as of 10:26 a.m. ET today. Meanwhile, shares of the online recruitment firm Kanzhun Limited (NASDAQ: BZ) had jumped more than 23% and shares of the freight platform Full Truck Alliance (NYSE: YMM) were up nearly 20%.
Last July, the Chinese government banned DiDi from Chinese app stores after the company was "found to have severely violated the laws by illegally collecting and using personal information." The order came just days after DiDi conducted its initial public offering on the New York Stock Exchange (NYSE), as Beijing took a harsh regulatory approach to Chinese tech companies.
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Why Shares of DiDi Global, Kanzun Limited, and Full Truck Alliance Exploded Higher Today