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Retail investors added to Didi selloff after delisting news -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Didi Global’s trading information is displayed on a screen at the New York Stock Exchange in New York City. It was taken December 3, 2021. REUTERS/Brendan McDermid

NEW YORK, (Reuters) – Didi Global shares were sold by retail investors after Didi Global announced its intention to pull out of the New York Stock Exchange.

Data from Vanda (NASDAQ Research) showed that retail investors bought Didi shares worth $3.37 Million on Friday. Stock fell 22.2% the day after Didi announced it will pursue a Hong Kong listing. It is a dramatic reversal due to Chinese regulators upset by its U.S. IPO.

According to Vanda’s data, retail investors sold Didi shares on Wednesday and Thursday last week, on a net basis. They had mainly bought shares over the previous month.

“I believe that most investors do not fully understand how the de-listing process works – or at least they cannot be bothered to know,” Giacomo Pierantoni, research analystat Vanda, said in an email. According to Pierantoni, research analyst at Vanda: “They prefer just getting rid of the stock.

Didi shares gained some momentum on Monday but remain below 50% of their June IPO prices.

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