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Why Chindata Group Holdings Stock Tanked 30% on Friday

·1-min read
Why Chindata Group Holdings Stock Tanked 30% on Friday

Shares of Chindata Group Holdings (NASDAQ: CD) tanked over 30% after the company announced that its CEO Jing Ju would be stepping down, effective immediately. On top of this, today Chinese stocks are getting hit extra hard after Didi (NYSE: DIDI) announced that it would be delisting from the New York Stock Exchange. Investors are fearing that this is the end of Chinese stocks listing in the U.S., which likely caused some selling pressure as Western investors continue to get out of their positions.