DidiThe biggest drop in shares since Chinese ride-hailing service went was 44%, Friday’s share price tumbled. publicIn the U.S., June.

The stock is now 87% below its IPO price, leaving its two top shareholders — SoftBankAnd Uber — facing the potential for steep losses.

After a crackdown in China on U.S. companies, shares had been in freefall. Didi announced in December it would not be listed on the New York Stock Exchange but instead will list in Hong Kong. Friday was marked by a number of changes. Bloomberg reportedDidi didn’t comply with the necessary data-security requirements in order to move forward with a Hong Kong share sale.

Softbank controls about 20% of Didi. Softbank now owns around 20% of Didi, down from nearly $14 billion when it was owned by the Japanese conglomerate. time of the IPO. Uber’s roughly 12 percent stake is now just $1 billion, down from $8 billion (in June)

Uber purchased the stake after Didi sold its China business. Uber claimed in its most recent annual reportIn 2021, it realized a unrealized $3Billion loss on Didi’s investment.

This is an indication of a larger headwind facing the tech sector that is being hammered in the public markets.

Database software maker was featured earlier this week. OracleAccording to its investments, in Oxford Nanopore and Ampere Computing pulled down profitIn fiscal third quarter of 2018, by around 5 cents a Share The electric car maker RivianWhich counts? AmazonAfter a Friday rally, the top investor fell by 8% disappointing forecastIt is currently down 63% for the year.

SoftBank’s original Vision Fund backed Didi, one of the 83 companies that it supported. CNBC reported last year that SoftBank was selling part of its Uber position partly to cover its Didi losses.

Masayoshi Son of SoftBank, the CEO said that Didi has seen a significant loss of value since we made an investment. He was speaking on February’s call in order to review results for December 31, 2012.

SoftBank shares closed down 6.6%, Uber up 1.2%

Although Didi was not the only Chinese stock that fell on Friday, its drop was most notable. E-commerce sites Alibaba GroupAnd JD.comAs well as an electric automaker Nio all fell as fears remergedCompanies with dual listings in Hong Kong and the U.S.

WATCH: Blueshirt Group’s Gary Dvorchak discusses Didi shares’ plunge