SHANGHAI (Reuters) – Chinese language ride-hailing big Didi International will delist from the New York inventory change and pursue an inventory in Hong Kong, it stated on Friday, after it ran afoul of Chinese language regulators by pushing forward with its $4.4 billion U.S. IPO in July.
The corporate made the announcement first on its Twitter-like Weibo (NASDAQ:) account.
“Following cautious analysis, the corporate will instantly begin delisting on the New York inventory change and begin preparations for itemizing in Hong Kong,” it stated.
It later stated in a separate English language assertion that its board had accepted the transfer.
“The corporate will manage a shareholders assembly to vote on the above matter at an acceptable time sooner or later, following needed procedures,” it stated.
Reuters reported final week citing sources that Chinese language regulators had pressed Didi’s prime executives to plan a plan to delist from the New York Inventory Change as a result of issues about knowledge safety.
The corporate pressed forward with its New York itemizing regardless of a regulator urging it to place it on maintain whereas a cybersecurity overview of its knowledge practices was carried out, sources have instructed Reuters.
Didi can be making ready to relaunch its apps within the nation by the tip of the yr in anticipation that Beijing’s cybersecurity investigation into the corporate could be wrapped up by then, Reuters reported earlier this month.
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