Didi exits Wall Street under Beijing pressure

RT.com
03 Dec 2021, 16:49 GMT+10

Chinese ride-hailing firm Didi said on Friday it would ?immediately? start delisting from the New York Stock Exchange and turn to Hong Kong instead, following a months-long struggle with Chinese authorities.

"After a careful study, the company will start delisting from the New York Stock Exchange immediately, and start preparations for listing in Hong Kong," Didi wrote on its verified account on Chinese social media platform Weibo.

In a separate English-language statement, Didi announced its board of directors had authorized the move and stressed that its shares "will be convertible into freely tradable shares of the company on another internationally recognized stock exchange."

Didi held its ill-fated $4.4 billion initial public offering (IPO) in the US a mere five months ago, despite Beijing's insistent demands to halt the listing amid a review of the company's data practices at home.

The Cyberspace Administration of China (CAC) then forced mobile app stores to remove Didi's apps and ordered the company to stop registering new users, citing national security and public interest concerns. The company is still under investigation, but Reuters sources say it is preparing to relaunch its apps in China by year's end, anticipating CAC's investigation will be over by then.

Sources also claim that Didi plans to go through with its Hong Kong IPO in the next three months, and only then delist from New York - by June 2022. Didi shares dropped 0.13% during early trading on Friday, following the delisting news.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to India Gazette.

More Information

null in null

Business

Section

Nvidia execs sell $1 billion in stock as AI boom drives record prices

SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...

Tech stocks slide, industrials surge on Wall Street

NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...

Canada-US trade talks resume after Carney rescinds tech tax

TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...

Lululemon accuses Costco of selling knockoff apparel

Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...

Shell rejects claim of early merger talks with BP

LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...

Wall Street extends rally, Standard and Poor's 500 hits new high

NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...

Delhi

Section