Even by the volatile standards of Chinese stocks, the swings in Didi Global Inc. on Friday were extraordinary.

In the span of just a few hours, shares of the ride-hailing giant flipped from a 16% gain to a 12% loss, bounced back into positive territory, then turned lower yet again. And that was all before the opening bell in New York.

By day’s end Didi had plunged 22%, catalyzing losses in U.S.-traded Chinese stocks that now amount to more than $1 trillion since February.