Chinese giant Didi to be de-listed from New York Exchange after regulatory pressure

New Delhi: China’s leading ride hailing company Didi Global has announced to take back its shares from the New York Stock Exchange (NYSE).

The company says it plans to move its listing to Hong Kong.

The company has been under heavy pressure since its US debut in July.

The report said that within days of the initial public offering (IPO), Beijing announced action against technology companies that listed abroad.

Earlier on Thursday, the US market watchdog (watchdog) revealed tough new rules for Chinese firms listed in the US.

Didi said through her handle on Twitter-like microblogging network Weibo in China, after careful research, the company will immediately start delisting on the New York Stock Exchange and start preparing for listing in Hong Kong.

In a separate English language statement, Didi said its board has approved the move. Didi said, the company will hold shareholders’ meeting to vote on the above matter at an appropriate time in future, following the necessary procedures.

In late June, Didi – China’s answer to Uber – raised $4.4 billion in its New York IPO.

Japan’s SoftBank is Didi’s largest single investor with a stake of over 20 percent.

It is also backed by Chinese tech giants Alibaba and Tencent. Uber also has a stake in Didi since 2016.

Didi acquired Uber China in 2016. Shares of Didi Global have lost more than 40 percent of their value since its introduction in the US market.

Disclaimer: This is a news published directly from IANS News Feed. With this, the News Nation team has not done any editing of any kind. In such a situation, any responsibility regarding the related news will be of the news agency itself.