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Didi reportedly told to delist from NYSE by Chinese regulators

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  • PDD
  • BAIDF
  • BIDU
  • BABA
  • BABAF
  • TME
  • DIDI
  • JD
  • JDCMF
  • TCEHY
  • TCTZF
  • VIPS

Yahoo Finance’s Jared Blikre and Seana Smith discuss a report that Chinese company Didi has been told by the country's regulators to remove itself from the New York Stock Exchange.

Video Transcript

SEANA SMITH: Jared, speaking of names that are under pressure, we got to take a look at DiDi because shares there of just around, you can see, off more than 7% this morning. There was a report out of "Bloomberg" that China is asking DiDi to devise a plan to delist in the US. We know that China has been cracking down on a number of their larger companies, specifically those within the tech sector. "Wall Street Journal" has reported something similar in the past, just in terms of what the ride hailing giant is considering. They could potentially be considering going private.

And, Jared, it really just points to the fact that there's so much uncertainty, especially when it comes to some of these big Chinese companies, those publicly traded here in the US and the type of regulation that they're facing from Chinese regulators.

JARED BLIKRE: Yeah. China is a huge unappreciated tail risk to all of these Chinese stocks that are listed in the US with their ADRs. Take a look at the YFi Interactive, and we're going to see another ugly day for Chinese stocks. Also noting, Pinduoduo is actually down the most, down 13%. They disappointed on earnings.

But aside from that, DiDi is a really interesting story. You can see they're down 7.5% over the last two days. And I'm going to put a max chart up to the beginning here. This is their IPO earlier in the year, about mid-year. You can see down over 45% and just kind of camping out at these lows here.

The Chinese government just days, let's recall this, just days after they listed here in the US, basically beat down that stock coming up with all kinds of questions. There was a report that Chinese authorities, regulators had asked them not to go ahead with this. And I think the message is in.

Chinese Premier, Xi, he just completed the, I guess, putting the groundwork so that he could have an unprecedented third term. And once that comes to fruition, he's going to have a lot of discretion over all of these companies and their fates. I don't think DiDi is going to be the last, I think there's going to be a huge shakeup in the way the capital markets in the world are structured.

There's going to be an East and there's going to be a West. And I don't know that we're going to have a lot of cooperation in between. But this is years out, Seana.

SEANA SMITH: Yeah. Well, certainly we're seeing some selling here in DiDi shares today. Again, the stock off just over 7%. And we've seen pressure pretty significantly in many of these publicly traded names out of China.