Chinese ride-hailing elephantine Didi Global Inc. said precocious Thursday it plans to delist from the New York Stock Exchange, bowing to unit from the Chinese government.
“After cautious study, the institution volition commencement delisting connected the New York Stock Exchange immediately, and commencement preparations for listing successful Hong Kong,” Didi said successful a station connected its Weibo account.
The determination is simply a large reversal for Didi, which raised $4.4 cardinal successful a monolithic IPO successful June. Didi’s American depository shares DIDI, -0.13% were small changed Thursday, but person sunk 45% since the IPO.
Chinese regulators person been moving to restrict offshore IPOs of Chinese companies, particularly ones holding immense amounts of lawsuit data. Last week, Bloomberg News reported Chinese regulators asked Didi to delist from the NYSE, implicit concerns the institution could leak delicate data.
U.S. regulators person besides been cracking down connected Chinese companies that don’t comply with U.S. auditing rules.
Meanwhile, Alibaba’s Hong Kong-traded shares 9988, -3.75% deed an all-time debased Thursday amid worries that it whitethorn beryllium forced to delist from the NYSE. Its U.S.-listed shares BABA, -0.40% slipped 0.4% Thursday.
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