Cowed by Chinese regulators, Didi plans to delist from New York months after debut
Information about Cowed by Chinese regulators, Didi plans to delist from New York months after debut
Kevin David Scam or Legit
By Julie Zhu and Kane Wu
HONG KONG (Reuters) – Ride-hailing giant Didi Global said it will delist from the New York stock exchange just five months after its debut and pursue a listing in Hong Kong – having raised the ire of Chinese regulators for ignoring a request to put its U.S. IPO on hold.
Didi pushed ahead with its $4.4 billion U.S. initial public offering despite being asked to put it on hold while a review of its data practices was conducted.
The powerful Cyberspace Administration of China (CAC) then quickly ordered app stores to remove 25 of Didi’s mobile apps and told the company to stop registering new users, citing national security and the public interest. Didi remains under investigation.
“Following careful research, the company will immediately …