Some hedge funds may have lost millions on bets on China's Didi Global
$DiDi Global (Delisted)(DIDI.US$ Several hedge funds may have been bruised by bets on Didi Global Inc, filings showed after the shares tumbled since the Chinese ride-hailing company announced plans to withdraw from the New York Stock Exchange.
Didi’s shares have tumbled 56.8% from their June 30 IPO price. The slide accelerated after the company said on Friday it planned to delist from the New York Stock Exchange and pursue a listing in Hong Kong, bending to Chinese regulators angered by its U.S. debut.
Hedge funds were invested in 94.4 million shares of Didi at the end of September, down 13.2 million shares from the previous quarter, according to U.S. 13F filings compiled by industry tracker Symmetric.
It is not known if hedge funds had further reduced their investment since that time, but Reuters calculations show the 7.9% fall in Didi’s shares between the end of September and Dec. 7 would have wiped a combined $60.9 million of value from those positions.
Part of the content is taken from Yahoo.
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