- Chinese ride-hailing giant Didi said on Friday that it will begin delisting from the New York Stock Exchange, and plans to list in Hong Kong instead.
- Its shares fell last week following reports that Chinese regulators had asked executives of the firm to work out a plan to delist from the US.
Chinese ride-hailing giant Didi said on Friday that it will begin delisting from the New York Stock Exchange, and plans to list in Hong Kong instead.
Didi said she came to that decision after careful consideration.
Shares of Didi fell last week after reports that Chinese regulators have asked executives of the firm to prepare a plan to delist from US regulators, allegedly linked to the leak of sensitive data to Chinese ride-hailing giant Didi. would like to delist from the New York Stock Exchange due to concerns about ,
Elder sister Allegedly It attracted the ire of regulators when it went ahead with the IPO without resolving the outstanding cyber security issues that the authorities wanted to resolve. Didi is the largest ride-hailing app in China and keeps a lot of data on travel routes and users.
The tech giant first listed in the US less than six months ago – on June 30.
“I think China has made it very clear that they no longer want to list technology companies on US markets, because it would allow them to be listed in the US market,” Aaron Costello, regional head for Asia at Cambridge Associates, said on Friday after the news broke. Brings it under the jurisdiction of the regulators.”
“So our view has been that almost all US-listed tech companies will relist either Hong Kong or the mainland,” he told Businesshala’s “Street Science Asia.”
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