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Chinese tech ADRs rise as end of Didi probe raises hope of easing crackdowns

June 7, 2022
Source: channelnewsasia.com channelnewsasia.com
News Snapshot:
U.S.-listed Chinese technology stocks rose on Monday after a report that regulators in China are concluding a probe into ride-hailing giant Didi Global raised expectations of easing crackdowns on the country's internet sector. The Cyberspace Administration of China (CAC) is concluding its cybersecurity probe into Didi and two other companies, Full Truck Alliance Co and Kanzhun Ltd, and will allow their mobile apps back on Chinese app stores, the Wall Street Journal reported. That sent Didi's shares surging about 50 per cent and lifted the broader U.S. market, with the tech-heavy Nasdaq up 1.8 per cent and the benchmark S&P...
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