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China tech

Didi ekes out 1% gain after New York IPO pop fizzles

SoftBank-backed Chinese ride-hailer faces profit uncertainty in global competition

Chinese ride-hailing leader Didi Chuxing makes its New York Stock Exchange debut on June 30.   © Reuters

PALO ALTO, U.S. -- Shares in Didi Chuxing, China's largest ride-hailing company, gave up strong initial gains to close with a 1% rise in its U.S. stock market debut Wednesday, as investors questioned the company's long-term profit path and regulatory headwinds.

Didi opened at $16.65 on the New York Stock Exchange and closed at $14.14, up from the initial public offering price of $14 per share. Shares rose as high as $18.01. The closing price put its market cap at around $67.8 billion.

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