World’s Roughest IPO This Year Is Chinese, And It’s Not Didi

(Bloomberg) — The three biggest money losers among large listings in 2021 are all Chinese, thanks to the country’s widening tech crackdown.

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Investors who bought Kuaishou Technology after the TikTok rival went public in Hong Kong have notched the widest peak-to-trough slump among global initial public offerings this year. New York-listed DiDi Global Inc., which was hit by a data security probe in July, has fallen 54% while video-app firm Bilibili Inc. is down by nearly half from peaks touched this year.

Kuaishou, which runs a video streaming app on the mainland, is down about 80% since it hit a Feb. 17 peak less than two weeks after it raised $5.4 billion in Hong Kong’s largest float in 2021. That is the largest plunge from a high among the 36 companies that raised more than $1.5 billion worldwide in 2021 from IPOs, Bloomberg data show.

Kuaishou’s slump illustrates the fizzling appetite for offshore-listed China shares since Beijing began clamping down on a wide swath of private firms.

Meanwhile, Robinhood Markets Inc., the popular trading app that listed just over two months ago, ranks seventh, having tumbled 40% from its August peak.

(Updates prices)