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Here's Why DiDi Global (DIDI) Stock Shed Value on Friday
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DiDi Global , which made a highly impressive debut as a publicly traded entity on the New York Stock Exchange on Jun 30, 2021, saw its shares decline 5.3% to $15.53 on Friday Jul 2.
The decline followed the announcement by China’s internet regulator to launch a cybersecurity review of the company. This move by the Cyberspace Administration of China (CAC) implies that the Beijing -based ride-hailing giant cannot accept registrations of new users within the country while the investigation is on.
Notably, management announced that the company will fully co-operate during the probe and aims to “conduct a comprehensive examination of cybersecurity risks, and continuously improve on the cybersecurity systems and technology capacities.”
In a further setback, China’s internet watchdog ordered the removal of the company’s app (Didi Chuxing) from the country’s app stores. The internet controller of China attributed this decision to detecting some grave issues that emanated from Didi Global's usage of customers' personal information. Per a Reuters report, management at DiDi Global expressed fear over the company’s anticipated loss of revenues in China due to the blockage.
According to the article, DiDi Global was not the only recently-debuted Chinese firm on the U.S.bourses to be subject to scrutiny pertaining to cybersecurity as the communist nation aims to tighten its control over internet data to safeguard national security.
Notably, Full Truck Alliance (YMM - Free Report) , a leading digital freight platform, which went public in the United States in June 2021, announced that it is also being put through cybersecurity inquiry by the CAC. Understandably, shares of SoftBank Group, which has a stake in both Full Truck Alliance and DiDi Global, fell in Tokyo on Jul 5, following the legal action against both companies. SoftBank apart, DiDi Global’s stakeholders include Uber Technologies (UBER - Free Report) .
Moreover, the China-based e-commerce giant Alibaba (BABA - Free Report) was recently slapped with a record $2.8-billion fine by the Chinese surveillance authorities for flouting antitrust rules.
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After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
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Here's Why DiDi Global (DIDI) Stock Shed Value on Friday
DiDi Global , which made a highly impressive debut as a publicly traded entity on the New York Stock Exchange on Jun 30, 2021, saw its shares decline 5.3% to $15.53 on Friday Jul 2.
The decline followed the announcement by China’s internet regulator to launch a cybersecurity review of the company. This move by the Cyberspace Administration of China (CAC) implies that the Beijing -based ride-hailing giant cannot accept registrations of new users within the country while the investigation is on.
Notably, management announced that the company will fully co-operate during the probe and aims to “conduct a comprehensive examination of cybersecurity risks, and continuously improve on the cybersecurity systems and technology capacities.”
In a further setback, China’s internet watchdog ordered the removal of the company’s app (Didi Chuxing) from the country’s app stores. The internet controller of China attributed this decision to detecting some grave issues that emanated from Didi Global's usage of customers' personal information. Per a Reuters report, management at DiDi Global expressed fear over the company’s anticipated loss of revenues in China due to the blockage.
According to the article, DiDi Global was not the only recently-debuted Chinese firm on the U.S.bourses to be subject to scrutiny pertaining to cybersecurity as the communist nation aims to tighten its control over internet data to safeguard national security.
Notably, Full Truck Alliance (YMM - Free Report) , a leading digital freight platform, which went public in the United States in June 2021, announced that it is also being put through cybersecurity inquiry by the CAC. Understandably, shares of SoftBank Group, which has a stake in both Full Truck Alliance and DiDi Global, fell in Tokyo on Jul 5, following the legal action against both companies. SoftBank apart, DiDi Global’s stakeholders include Uber Technologies (UBER - Free Report) .
Moreover, the China-based e-commerce giant Alibaba (BABA - Free Report) was recently slapped with a record $2.8-billion fine by the Chinese surveillance authorities for flouting antitrust rules.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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