Connect with us

Business News

Didi Global to start delisting from New York, pursue listing in Hong Kong



Didi is also preparing to relaunch its apps by the end of the year.

Shanghai: Chinese ride-hailing giant Didi Global will delist from the New York Stock Exchange and pursue a listing in Hong Kong, it said on Friday, after running behind Chinese regulators by going ahead with its $4.4 billion US IPO in July.

The company first announced this on its Twitter-like Weibo account.

“After careful research, the company will immediately begin delisting on the New York Stock Exchange and begin preparations for listing in Hong Kong,” it said.

It later said in a separate English-language statement that its board had approved the move.

“The Company shall hold a meeting of shareholders to vote on the above matter at an appropriate time in future, following the necessary procedures.”

Reuters reported last week, citing sources, that Chinese regulators had pressured Didi’s top executives to prepare a plan to delist it from the New York Stock Exchange due to concerns about data security.

Sources told Reuters that the company was urged to put it on hold by a regulator to move forward with its New York listing while a cybersecurity review of its data practices took place.

Didi is preparing to relaunch its apps in the country by the end of the year, in the hope that Beijing’s cybersecurity investigation into the company will be completed by then, Reuters reported last month.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *