Didi Global plans to delist from New York Hong Kong listing on the cards following China's pressure

Didi Global plans to delist from New York  Hong Kong listing on the cards following China's pressure

A trader works during the IPO for Chinese ride-hailing company Didi Global Inc on the New York Stock Exchange floor in New York City on June 30 this year. (Reuters photo)

SHANGHAI/HONG KONG: Ride-hailing giant Didi Global said on Friday it will delist from the New York stock exchange and pursue a listing in Hong Kong, succumbing to pressure from Chinese regulators concerned about data security.

It ran afoul of Chinese authorities by pushing ahead with its $4.4-billion US IPO in July 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 mobile apps operated by Didi and also 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 start delisting on the New York stock exchange and start preparations for listing in Hong Kong,” Didi said on its Twitter-like Weibo accounnt.

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

“The company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures,” it said.

Sources have told Reuters that Chinese regulators pressed Didi’s top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security.

“Didi’s plan to delist in the United States and the listing of Hong Kong stocks I believe will have an obvious impact on location decisions for large technology stocks’ future listings,” said Kenny Ng, securities strategist at Everbright Sun Hung Kai in Hong Kong.

“At the same time, this event makes the market believe that the current industry supervision of technology stocks in the mainland will continue, and the decline in the stock prices of technology stocks listed in Hong Kong today also reflects this factor.”

Sources have told Reuters that Didi is preparing to relaunch its apps in the country by the end of the year in anticipation that Beijing’s cybersecurity investigation into the company would be wrapped up by then.

The CAC did not immediately respond to a request for comment on Didi’s plans to delist from New York.

Didi made its New York debut on June 30 at $14 per American Depositary Share, which gave the company a valuation of $67.5 billion on a non-diluted basis. Those share have since slid 44% until Thursday’s close, valuing it at $37.6 billion.

Shares in Didi investor SoftBank Group Corp fell more than 2% after the Didi announcement, also hurt by Southeast Asia ride-hailing giant Grab’s slump in its Nasdaq debut.

SoftBank’s Vision Fund owns 21.5% of Didi, followed by Uber Technologies Inc with 12.8%, according to a filing in June by Didi.

News Related

OTHER NEWS

Bloomberg: multi-billion dollar offer for major department store chain Kohl's

Photo: ANP The major American department store chain Kohl’s has received a takeover offer worth about $ 9 billion, converted almost 8 billion euros, from a group of investors. Insiders ... Read more »

Bitcoin rumbles further down: 25% fall in new year

On crypto platform Coindesk, bitcoin sees another 10% of its value evaporate to a position of $35,580 around 8 a.m. (Dutch time). This means that the digital currency has returned ... Read more »

Current economic landscape may not allow government to go for fiscal consolidation immediately: YES Bank chief economist

Read more »

Green sea turtle lays eggs on Phuket beach First sighting this year of rare event, says local mayor

Officials observe egg-laying by a green sea turtle on Ao Sane beach in tambon Rawei of Muang district in Phuket on Friday night. (Photo supplied: Achadthaya Chuenniran) PHUKET: A green ... Read more »

Instagram's new subscription model: How it will aid Indian creators

While the features are being tested in the US, creators in India bet big on Instagram’s new subscription model. Instagram is testing three new subscription features under which followers can ... Read more »

Impact of oil firms' exit from Myanmar limited 'A lot more pressure needed to defeat this junta for good,' says human rights activist

The TotalEnergies logo is seen on a charging station in La Defense on the outskirts of Paris. The French company announced in Friday that it would pull out of Myanmar. ... Read more »

Payments Council urges rollback of no-fee transaction policy for UPI and Rupay debit cards

The industry estimates a loss of Rs 5,500 crore due to the Zero-MDR norm. (Representative image) The Payments Council of India (PCI), the industry body for digital payments, yesterday said ... Read more »

Bangkok, northern provinces warned of PM2.5 surge

The Centre for Air Pollution Mitigation has warned of harmful levels of fine-particulate dust in Greater Bangkok and the northern region next week due to a drop in wind speed. ... Read more »

More trouble for PTC India as independent director quits after three board exits in arm over corporate governance issues

After PTC India Financial Services (PFS) came under the scanner with three of its independent directors resigning citing lapses in compliance and corporate governance, an independent director at the parent ... Read more »

Market falls over 3% but BSE smallcap index hits new high, 33 stocks gain 10-44%

After a positive start for the week on January 17 the Indian benchmark indices remained under selling pressure for the next four session’s in the week ended January 21 in-line ... Read more »

Ombudsman: Return to Australia for a DigiD

In the end, thanks to the help of an official Australian government agency, he manages to have his AOW paid out through the SVB. But he would also like to ... Read more »

Hawkish comments from the Fed may further strengthen the dollar which may not bode well for commodities: Kotak Securities' Ravindra Rao

Commodities witnessed strong gains this week despite the dollar strengthening and equities weakening as rising inflationary pressure drew investors, said Ravindra Rao, vice-president, head of commodity research, Kotak Securities. Inflation ... Read more »

As economies limp out of pandemic, here's how CII wants policymakers to steer post-COVID recovery

Representative image Growth appears to be limping back after COVID battered economies around the world, thanks to policy support from governments as well as vaccination drives. However, to ensure that ... Read more »

Transforming a ghost village with hill-centric livelihood and tourism opportunities

Major Gorki Chandola is reviving traditional practices in agriculture, construction and tourism to sustainably develop his village. Photo by Archana Singh. India’s northern state of Uttarakhand, known as the Land ... Read more »

Mining on the shifty sands of Goan politics

Mining machinery at a Goa mine brought to a halt by Supreme Court of India’s February 2018 judgment. Photo by Meera Mohanty/Mongabay. In the run-up to the 2022 state elections, ... Read more »

Clean energy startups innovate on products to aid farmers, rural areas

A three horse power solar panel installed in a village in Rajasthan by Agrivijay for irrigation works. Photo courtesy AgriVijay. Yash Tarwadi, 25, is a chemical engineer based in Surat ... Read more »

Energy major Shell sheds 'Royal Dutch' from name

Royal Dutch Shell | Headquarters: The Hague, Netherlands. Incorporated in the United Kingdom. (Photo: Reuters) Energy giant Shell has dropped from its name the ‘Royal Dutch’ part, which it had ... Read more »

Moneycontrol PRO & Espresso present Nifty Banker 2.0 on Saturday, 22nd January, at 8 pm, with Rohit Katwal on “Momentum Short - Index Option Selling using trend following on Nifty and Bank Nifty”

Nifty Banker 2.0 is India’s First Retail Index Traders Online Conference to be organised in the country. Some of the best index traders in India will share their deep trading ... Read more »

Why Always Hire A Professional and Experienced Tax consultant in vienna (Steuerberater Wien)

Accounting is, above all, strategic management by taking responsibility for drawing up the accounts. It is important to have this vision. Each year, accounting produces mandatory summary documents at the ... Read more »

NetEase apologises for ‘bad experiences' after fans of Harry Potter game revolt over Lunar New Year campaign

Chinese players of a video game based on the Harry Potter series of books by J.K. Rowling have staged an online revolt against NetEase, with their complaints about unfair game ... Read more »

Cryptocurrency crash wipes out more than US$1 trillion in market value

For bitcoin, there’s only been one constant recently: decline after decline after decline. And the superlatives have piled up really quickly. With the Federal Reserve intending to withdraw stimulus from ... Read more »

Briton killed, compatriot badly hurt in knife attack

Police and forensic officers inspect the crime scene in Muang district of Kanchanaburi following a knife attack on two British men. (Photo: Pithakkan Foundation) A Briton was brutally killed, and ... Read more »

Moneycontrol Pro Weekender | Bubble Trouble 

Representative image Dear Reader, Jeremy Grantham, GMO’s chief investment strategist, has been warning for years about a bubble building up in the markets. In his latest missive, titled ‘Let The ... Read more »

Fed Launches Review of Possible Central Bank Digital Currency Officials solicit public comment, but are unlikely to decide soon whether to issue a government-backed cryptocurrency

“We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in ... Read more »

Cryptocurrency Prices Today: Bitcoin falls 7%, Ethereum sheds 9%

(Image: Reuters) The global cryptocurrency market capitalisation dropped from $1.88 to $ 1.7 trillion during the last 24 hours while the trading volume surged from $66.35 to $126 billion. The ... Read more »

Daily Voice | Budget 2022 likely to be more populist rather than being mindful of fiscal gap, says Amit Jain of Ashika Wealth

Amit Jain is the chief strategist of Ashika Group and co-founder of Ashika Wealth Advisory Amit Jain, chief strategist of Ashika Group and co-founder of Ashika Wealth Advisory, feels earnings ... Read more »

Hedging, a must know activity for risk management: Shubham Agarwal

We will look at understanding Hedging today. Financial dictionary defines Hedge as ‘an investment to reduce the risk of adverse price movements in an asset’. In simple words an additional ... Read more »

Unilever Walks Away From Glaxo Consumer-Healthcare Deal Dove soap owner says it won't raise its $68 billion offer for the maker of Aquafresh toothpaste and Advil painkillers

The Unilever headquarters in London. The company’s offer to buy GlaxoSmithKline’s consumer-healthcare business has faced criticism about price and strategic fit. (Photo: Reuters) Unilever PLC said it wouldn't increase its ... Read more »

Singapore's first blank-cheque listings get off to a timid start, raising question whether the buzz around SPACs is fizzling out

A lacklustre market debut for the first two blank-cheque companies to list in Singapore is raising some questions whether the excitement seen for such vehicles in the US early last ... Read more »

Sony seeks new partners for transformative EV project

(Image: PTI) Sony Group (6758.T) will likely add new technology partners to its electric vehicle (EV) project to help it forge a mobility business to transform cars from transportation machines ... Read more »

Market snaps four-week winning streak on weak cues; rupee slips

Market snapped the four-week winning streak on rising concern over rate hike by central banks as foreign institutional investors continued selling. In the week, BSE Sensex shed 2,185.85 points (3.57 percent) ... Read more »

S&P 500, Nasdaq post worst weeks since pandemic start as Netflix woes deepen slide

Representative image Wall Street’s main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report, capping a brutal week for stocks that saw the S&P ... Read more »

ICICI Bank independent director quitting to avoid potential conflict of interest

ICICI Bank. Representative image. ICICI Bank yesterday informed stock exchanges that Rama Bijapurkar will be stepping down as independent director from tomorrow, citing a potential conflict of interest. Bijapurkar in ... Read more »

Is Vinod Rai Unity's trump card to gain customer confidence?

Former CAG Vinod Rai (File image) On January 20, the Reserve Bank of India (RBI) approved the appointment of Vinod Rai as Independent Chairman of Unity Small Finance Bank (USFB).  ... Read more »

Strategic pricing key to driving ‘value capture' in a pandemic-hit world

Pricing is a key marketing issue these days, especially with Chinese companies taking the competition to even small and medium sector brands. Of course, there are brands that have nailed ... Read more »

Green finance: a global standard may cut through the alphabet soup of global ESG rules

As the world’s governments and corporations face up to sustainability risks amid extreme weather patterns under the Earth’s changing climate, regulators are inching towards creating a common standard out of ... Read more »

US stocks fall again, sending Nasdaq nearer to dreaded 'bear' market

A big drop in Netflix sent the Nasdaq into a deeper correction and closer to a ‘bear’ market territory. WASHINGTON: Wall Street stocks tumbled again Friday following a plunge in ... Read more »

8,112 new Covid cases, 19 more deaths

Teenage girls wearing face masks and sporting Japanese fashion pose for a group photo at Japan Expo Thailand 2022 at CentralWorld shopping mall on Friday. The expo runs till Sunday. (Photo: ... Read more »

Weber Grills apologizes for ill-timed meat loaf recipe email

NEW YORK — Weber picked the wrong day to suggest grilling meat loaf. The outdoor grill maker apologized on Friday for sending a recipe-of-the-week email earlier that day featuring instructions ... Read more »

Charts suggest the S&P 500 may continue struggle through early February, says Jim Cramer

CNBC's Jim Cramer said Friday that technical analysis of Wall Street's so-called fear gauge indicates the S&P 500 faces a challenging outlook in the near term. “The charts, as interpreted ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic