Didi to delist from New York Stock Exchange after Chinese regulator pressure

WION Web Team
Beijing Published: Dec 03, 2021, 12:08 PM(IST)

Chinese ride-hailing service Didi plans to delist from the New York stock exchange (representative image). Photograph:( Reuters )

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In what is an apparent effect of intense Chinese regulators’ pressure, Didi Global is now going to delist from the New York stock exchange. The ride-hailing giant had made the debut at the stock exchange just five months ago. It will instead pursue a listing in Hong Kong

In what is an apparent effect of intense Chinese regulators’ pressure, Didi Global is now going to delist from the New York Stock Exchange (NYSE). The ride-hailing giant had made the debut at the stock exchange just five months ago.  

The company will instead pursue a listing in Hong Kong. It seems to have faced the wrath of Chinese regulators after it ignored a request to put its $4.4 billion US initial public offering (IPO) on hold.  

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Didi was asked by the regulators to put it on hold until a review of its data practices was being conducted.  

On its Weibo account, Didi said, "Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong."   

After Didi ignored the advice, the Cyberspace Administration of China (CAC) ordered app stores to remove 25 of Didi's mobile apps.  

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It also directed the company to stop registering new users and cited national security and the public interest for the direction. The firm is still under investigation.  

In a separate statement, the company also said that it would organise a shareholder vote at an appropriate time.  

(With inputs from agencies) 

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