Monday, January 17th, 2022

Didi on delisting from U.S. and list in Hong Kong


A mobile phone shows the interface of Didi’s APP in Yichang, Hubei province, China, July 4, 2021.

Costfoto | Barcroft Media | Getty Images

Chinese ride-hailing giant Didi said Friday that it will start delisting from the New York Stock Exchange, and make plans to list in Hong Kong instead.

Didi said it reached that decision after careful consideration.

Its shares had plunged last week after reports that Chinese regulators have asked the firm’s executives to formulate a plan to delist from the U.S. Chinese regulators reportedly want Chinese ride-hailing giant Didi to delist from the New York Stock Exchange because of concerns about leakage of sensitive data.

Didi¬†reportedly¬†drew the ire of regulators when it pushed ahead with an IPO without resolving outstanding cybersecurity issues that the authorities wanted solved. Didi is China’s largest ride-hailing app and holds lots of data on travel routes and users.

This is breaking news, please check back for updates.