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Shares of Chinese ride-hailing giant Didi soared 50% in premarket trade in the U.S. on Monday after The Wall Street Journal reported regulators in China are concluding investigations into the firm.

According to the report, authorities said they would lift a ban on Didi adding new users as early as next week and reinstate the firm’s app in domestic app stores, citing people familiar with the matter.

Didi shares added over 50 percentage points ‘in premarket trade.

By the end of 2020, China has led a crackdown on its domestic technology sector in areas from antitrust to data protection. However, there have been signs of regulatory easing from Beijing as China deals with the economic fallout from weeks of lockdown in Shanghai.

Didi was severely hit by the tightening of regulations. In 2021, the company went through IPO (initial public offering). But, only a few days after going public, Chinese regulators opened a cybersecurity probe into the ride-hailing company. 

In July, the Cyberspace Administration of China accused Didi of illegally collecting users’ data and ordered its app removed from local app stores.

According to the Wall Street Journal, Chinese authorities will also end probes into two other U.S.-listed Chinese tech firms — Full Truck Alliance and Kanzhun — which were also under investigation.

In May, Didi revealed that it was being investigated by the U.S. Securities and Exchange Commission in relation to its IPO last year.

Didi shares have shed 85% since the public offering price of $14. Didi said in December that it will delist from the New York Stock Exchange and seek to list in Hong Kong instead.