Didi Global Inc., China’s largest ride-hailing app operator, went public on the New York Stock Exchange on June 30, pricing its initial public offering at the top of its range at $14 (¥1,540), meaning its total market value would reach some ¥8 trillion.

It is not surprising that the market welcomed the debut, considering the company’s rapid growth in the roughly nine years after its launch, making full use of artificial intelligence and data systems as its business strategy.

But shock waves hit the market only a few days later. Didi shares fell as much as 25% compared to the closing price from the previous week, after Chinese regulators on July 4 ordered app stores to remove the company’s app, citing serious legal violations regarding its collection and usage of personal information, and the Chinese government announced on July 6 it would tighten oversight of companies listed overseas.