Didi's stock jumps 50% on report that China's probe is ending – WICZ

NewsMonday, June 6th 2022, 7:47 AM EDTBy Michelle Toh, CNN BusinessDidi’s regulatory nightmare in China may be nearly over.That’s according to the Wall Street Journal, which reported Monday, citing unidentified sources, that Beijing’s cybersecurity review of the ride-hailing giant was about to wrap up. The move would allow Didi to return to app stores in mainland China, potentially as soon as this week.The report, which comes almost one year after the company was first hit by regulators and had its app banned in China, sent its shares in New York up 53% in premarket trading on Monday.Didi (DIDI) isn’t the only company said to be out of the woods. Two other US-listed Chinese firms — logistics provider Full Truck Alliance (YMM) and online recruitment platform Kanzhun (BZ) — are also reaching the tail end of their respective data security probes, and will have access to app stores restored, too, according to the Journal.Shares of those companies jumped 27% and 21% in premarket trade on Monday, respectively. Didi, Full Truck Alliance and Kanzhun did not immediately respond to a request for comment.The conclusion of the cybersecurity review comes too late to save Didi from an ignominious retreat from Wall Street just…
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