Didi Shares Climb as Tencent Boosts Stake in Chinese Ride-Hailing Company

Tencent’s expanded stake in Didi is a much-needed show of faith for the stock, which was devastated by regulatory crackdowns since its trading debut last year.

(Bloomberg) — Didi Global Inc. shares got a shot in the arm after one of its largest shareholders increased its stake in the company.

Shares of the Chinese ride-hailing company rose as much as 5.8% Thursday, their fourth straight day of gains, after a regulatory filing showed that Tencent Holdings Ltd. added about 1.8 million Class A ordinary shares to its holdings. The move raises Tencent’s total ownership of Didi to 7.4% as of Dec. 31, up from 6.4% as disclosed ahead of Didi’s June initial public offering.