TikTok Rival Beats Out DiDi for Roughest IPO of the Year
- Chinese firm’s stock is down about 80% from peak after listing
- The other big decliners among 2021 IPOs are DiDi, Bilibili
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The three biggest money losers among large listings in 2021 are all Chinese, thanks to the country’s widening tech crackdown.
Investors who bought Kuaishou Technology after the TikTok rival went public in Hong Kong have notched the widest peak-to-trough slump among global initial public offerings this year. New York-listed DiDi Global Inc., which was hit by a data security probe in July, has fallen 54% while video-app firm Bilibili Inc. is down by nearly half from peaks touched this year.