Why Baozun, Bilibili, and Baidu Shares Were All Dropping Today
Shares of Baozun (NASDAQ: BZUN), Bilibili (NASDAQ: BILI), and Baidu (NASDAQ: BIDU) dived today as U.S.-listed Chinese stocks responded poorly to news that DiDi Global (NYSE: DIDI), the Chinese ridesharing leader that had just held a blockbuster initial public offering (IPO) back in June, would delist from the New York Stock Exchange.
The announcement spooked holders of U.S.-listed Chinese stocks broadly, and as of 2:20 p.m. ET on Friday, Baozun was trading down 9%; Bilibili, meanwhile, was off 7.5%, and Baidu had given up 8.5%. At the same time, DiDi shares had lost 20.1%.
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Source Fool.com
