The Wall Street Journal
Didi Shares Slide to Another Record Low as Post-IPO Lockup Ends
Didi Global Inc.’s shares fell to another record low Monday after a “lockup” period expired following its June initial public offering, even as the Chinese ride-hailing company sought to prevent employees from selling their stock. The end of Didi’s 180-day lockup period, which was based on the June 29 date of its listing prospectus, freed up shares held by the firm’s early backers such as SoftBank Group Corp., Uber Technologies Inc. as well as international investors such as hedge funds, mutual funds and private-equity firms that collectively pumped billions of dollars into Didi before its IPO. Didi shares, which had already plumbed new lows last week, fell $0.30 or 5.4% Monday to $5.30, giving the embattled firm a market capitalization of $25.6 billion, according to FactSet.
