Didi Global Inc shares fell for the fourth consecutive day in early deals Thursday on concerns about fallout from China’s increased scrutiny of domestic technology companies and those listed offshore.
Secondary shares of Chinese tech giants, including Baidu Inc, JD.com Inc, and Alibaba Group Holding Ltd were also down in the range between 2.7% and 4.0%.
“There is a lot of fear right now. “It’s a sell first-and-ask questions later approach,” Dave Wang, portfolio manager at Invest Capital.
“End of an era in China tech? It’s a ridiculous statement. Sentiments change. To show the effect on earnings, we will probably need to have a few good earnings seasons.
Didi’s shares have lost $21.5 billion over the last three sessions after Didi’s app was shut down by Chinese regulators.