Didi is also gearing up to relaunch its apps later this year.
Shanghai: On Friday, Chinese ride-hailing giant Didi Global will delist from the New York Stock Exchange and pursue a listing in Hong Kong, after it faced opposition from Chinese regulators. by pushing for a $4.4 billion US IPO in July.
The company made the first announcement on its Twitter-like Weibo account.
“After thorough research, the company will immediately begin delisting on the New York Stock Exchange and begin preparations for listing in Hong Kong,” it said.
It later said in a separate statement in English that its board approved the move.
The company will hold a general meeting of shareholders to vote on the above issue at an appropriate time in the future, according to necessary procedures.
Reuters reported last week citing sources that Chinese regulators had pressed top Didi executives to come up with plans to delist from the New York Stock Exchange due to concerns about data security.
Sources told Reuters that the company pushed for its New York listing despite a regulator urging it to halt operations while conducting a cybersecurity review of the company’s data practices. company.
Didi is also gearing up to relaunch its apps in the country by year-end in anticipation that Beijing’s cybersecurity investigation into the company will be concluded last month, Reuters reported last month. prior to.
(This story has not been edited by NDTV staff and was automatically generated from the feed provided.)
