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China tech

Didi shares crash nearly 20%, erasing $14bn in value

US IPO peers Kanzhun and Full Truck Alliance also skid on China crackdown

Shares in ride-hailing company Didi Global are under pressure after curbs announced by Chinese regulators.   © Reuters

HONG KONG -- Shares in Didi Global fell nearly 20% Tuesday as the U.S. stock market priced in the impact of the ride-hailing company's head-on collision with Chinese regulators.

The New York-listed stock opened at $11.78, well below last week's IPO price of $14, later narrowing its losses to close at $12.49. Its market cap sunk to around $60 billion, down from more than $74 billion on Friday.

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