Didi to delist from the New York Stock Exchange and plans Hong Kong IPO

Asia's Tech News Daily

Didi to delist from the New York Stock Exchange and plans Hong Kong IPO

Chinese ride-hailing giant Didi Global, which was listed in New York in late June but triggered a cybersecurity probe two days later, said Friday that it would start the process to delist from the New York Stock Exchange and prepare for a Hong Kong initial public offering (IPO).

“After careful study, the company will start the work of delisting from NYSE and initiate preparation for listing in Hong Kong with immediate effect,” it said on its official Weibo account.

Shares of Didi slightly declined by 0.31 per cent to US$7.8 on Thursday, nearly half its IPO price of US$14.

The South China Morning Post reported earlier that the ride-hailing firm became the subject of a cybersecurity review because it had “forced its way” to a US listing in the face of government concerns.

Didi’s delisting decision comes as the Securities and Exchange Commission adopted final amendments to its rules implementing the Holding Foreign Companies Accountable Act of 2020.

More to follow…

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