TOKYO/HONG KONG -- Beijing's cyber regulator has deepened the turmoil in the country's tech sector by announcing reviews of two more companies that recently listed in the U.S., a day after unveiling curbs on ridehailer Didi Global in the wake of its $4.3 billion New York IPO.
The Cyberspace Administration of China said on Monday that it was carrying out reviews of Huochebang and Yunmanman, which are owned by Full Truck Alliance, and Boss Zhipin, a recruitment site owned by Kanzhun.
Kanzhun, which raised $912 million, listed in the U.S. in June. Full Truck Alliance, colloquially referred to as China's "Uber for trucks", also listed in the U.S. last month after taking in $1.6 billion.
The moves extend a crackdown on U.S.-listed Chinese tech companies by the CAC, an increasingly prominent regulator that on Sunday ordered Didi to remove its app from app stores, accusing the company of serious violations of laws on collecting and using personal data.
The move casts a shadow over Didi, which listed in the U.S. on June 30 and is heavily dependent on China for its profits.
The regulator's action triggered a sharp sell-off in shares of Japan's SoftBank Group, which is the biggest outside investor in Didi and also a backer of Full Truck Alliance.
Shares in SoftBank fell more than 5% on Monday morning.
Didi is one of SoftBank's biggest bets in China. The Japanese tech investor poured nearly $11 billion into the company before it went public in the U.S. on June 30.
SoftBank's Vision Fund has a 20.2% stake in Didi, according to filings, while the Vision Fund also held a 20.3% stake in Full Truck Alliance when it went public on June 22.
The regulator had announced a review of Didi late on Friday, sending Didi's shares down more than 5% in New York. They closed at $15.53, having begun trading at $14 on June 30. U.S. markets will be closed on Monday.
Monday's decline brought SoftBank shares to their lowest level since December. They are down about 30% from their high for the year in March.
Shares in Tencent, which backs all three companies under investigation, dropped 1.9% in Hong Kong.