(Bloomberg) -- Didi Global Inc. is quickly becoming one of the worst IPOs of this year among foreign companies on news China is mulling additional penalties -- from fines to a delisting -- for the ride-hailing giant.

Didi shares tumbled nearly 10% Thursday in New York, extending their decline to 26% below the initial public offering price set less than a month ago after Bloomberg reported Chinese regulators are considering harsher measures.

Thirty-seven companies domiciled in China and Hong Kong listed shares in New York this year at a record breaking pace, raising nearly $13 billion. But the returns have yet to match the flurry of activity. The shares are trading an average of 9.1% below their IPO prices, according to data compiled by Bloomberg.

The worst performing among deals to raise at least $500 million, RLX Technology Inc., a vaping firm based in Hong Kong, is down about 50% from its IPO price in January. Didi is next, followed by software maker Full Truck Alliance Co Ltd., which is trading 17% below the June 22 IPO price.

Didi’s travails, amid a broader crackdown by Chinese regulators on technology companies, has already started to sour the outlook for further China listings in the U.S. this year. For some, including Loop analyst Rob Sanderson, the weakness in the stocks will probably fade over time.

“While the event path is unclear and not without further downside risk, we think this period of uncertainty will prove to be a buying opportunity for the sector overall,” he wrote in a note on Thursday.

The underlying issue with China’s regulatory crackdown is about data sovereignty, Loop added, rather than a preferred listing venue.

Read more: Didi Crackdown Sours Record Year for China U.S. IPOs: ECM Watch

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