Didi Chuxing

The company has set aside 10 billion yuan ($1.6 billion) for possible fines, the report said citing a source

Didi's shares spiked 8% before paring gains to about 5% higher in pre-market trading in New York

More than one-quarter of the Vision Fund's portfolio is the Japanese group's heavy investment in China's tech sector.

Didi Global fell for the third consecutive session on Wednesday after China ordered the app removed from mobile app stores as part of a broader crackdown on China-based companies with overseas listing

Didi's offering was the second-largest US-listing for a Chinese firm on record.

Crackdown wipes out billions from Didi, other US-listed companies

A sharp sell-off in Didi shares would further dent confidence of its investors, who were shocked by the probe into the ride-hailing firm just two days after its New York stock market debut

China's cyberspace watchdog said it suspects Didi was involved in illegal collection and use of personal data. It did not cite any specific violations.

SoftBank fell 5.4% in Tokyo, the most among stocks on Japan's Nikkei 225 Stock Average and the biggest decline since it reported earnings in May.

The company says app takedown may hit its revenue

Sunday's takedown order from the Cyberspace Administration of China (CAC) comes just two days after the regulator announced an investigation into Didi

China's biggest ride-hailing firm Didi Global Inc said on Sunday removal of its 'DiDi Chuxing' app from smartphone app stores in China is expected to have an adverse impact on its revenue in China

Current half-bn users can order rides if they downloaded the app before Sunday

Didi lost as much as 11% of its market value at one point on Friday

Beijing-based Didi said in a statement to Reuters that it planned to conduct a comprehensive examination of cybersecurity risks and would cooperate fully with the relevant government authority.

Didi sold 316.8 million American Depository Shares (ADS), versus the planned 288 million, at $14 apiece.

The firm is highlighting its global reach and investments in developing electric and self-driving cars.

the ride-hailing giant is pushing ahead with what could be the largest initial public offering in the United States this year

China's top ride-hailing firm Didi Chuxing is leaning toward picking New York over Hong Kong for its IPO, eyeing a valuation of at least $100 billion via the float, two sources said

Firm is also considering a new fundraising round before IPO in Hong Kong