BEIJING: Chinese language ride-hailing big Didi Chuxing stated Friday it might begin the method of de-listing its shares from the New York inventory trade, shortly after US regulators adopted a rule that will permit them to take away international companies.
Didi’s transfer comes within the wake of a sweeping Chinese language regulatory crackdown previously 12 months that has clipped the wings of main web companies — together with Alibaba and Tencent — wielding large affect on customers’ lives, and simply months after its mammoth New York IPO.
“After cautious consideration, (Didi) will begin the method of de-listing from the New York inventory trade from immediately, and begin preparations for itemizing in Hong Kong,” the corporate stated in an announcement on social media.
The ride-hailing agency’s IPO in June had been shortly overshadowed by an investigation by the Chinese language cyber watchdog on the grounds of cybersecurity, launched simply days after the itemizing.
The corporate has been hit particularly arduous by the state’s clampdown on tech corporations, with its service ordered off app shops in July and authorities companies launching on-site inspections at its places of work over “nationwide safety” fears.
Didi’s app claims to have greater than 15 million drivers and almost 500 million customers, and is commonly the quickest and best technique to name a journey in crowded Chinese language cities.
Didi’s transfer comes within the wake of a sweeping Chinese language regulatory crackdown previously 12 months that has clipped the wings of main web companies — together with Alibaba and Tencent — wielding large affect on customers’ lives, and simply months after its mammoth New York IPO.
“After cautious consideration, (Didi) will begin the method of de-listing from the New York inventory trade from immediately, and begin preparations for itemizing in Hong Kong,” the corporate stated in an announcement on social media.
The ride-hailing agency’s IPO in June had been shortly overshadowed by an investigation by the Chinese language cyber watchdog on the grounds of cybersecurity, launched simply days after the itemizing.
The corporate has been hit particularly arduous by the state’s clampdown on tech corporations, with its service ordered off app shops in July and authorities companies launching on-site inspections at its places of work over “nationwide safety” fears.
Didi’s app claims to have greater than 15 million drivers and almost 500 million customers, and is commonly the quickest and best technique to name a journey in crowded Chinese language cities.
Supply: Times of India