Tencent says it hasn’t bought Didi shares since US IPO

Didi has shed $47 billion of market value since Chinese regulators launched an investigation in July.
Image: Bloomberg

Tencent said it hasn’t bought shares in Didi Global since it went public, after a U.S. regulatory filing showing an increased stake sent shares of the Chinese ride-hailing company soaring almost 9%.

Tencent said in a filing Thursday it had added about 1.8 million Didi Class A ordinary shares to its last-known holdings. The social media giant subscribed to the additional stock during Didi’s initial public offering, which was not previously disclosed, a Tencent spokeswoman said Friday in an email. Tencent, which operates the WeChat messaging platform, had not acquired more stock in Didi since its debut, the spokesperson added.

The Chinese company owned 78.85 million of Didi’s Class A shares as of Dec. 31, up from 77.07 million shares disclosed at the time of the IPO, the filing showed. Tencent’s Class A shareholding stood at 7.4% as of the end of December.

Didi has shed $47 billion of market value since Chinese regulators launched an investigation in July, citing data security concerns.

Since then, Beijing has ordered the removal of more than two dozen Didi applications from app stores, initiated probes into its business practices and pressured the company to delist from New York.

Didi said in December that it has begun making preparations to withdraw from U.S. stock exchanges and pursue a listing in Hong Kong. It’s now aiming to file for a listing in the city around March, Bloomberg News has reported.

© 2022 Bloomberg L.P.

COMMENTS   0

You must be signed in and an Insider Gold subscriber to comment.

SUBSCRIBE NOW SIGN IN

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

Instrument Details  

You do not have any portfolios, please create one here.
You do not have an alert portfolio, please create one here.
INSIDER SUBSCRIPTION APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING

Follow us:

Search Articles:
Click a Company: