Chinese Rideshare Company Didi to Move Listing from New York to Hong Kong

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Chinese ridesharing company Didi will move its listing from the New York Stock Exchange to Hong Kong as Beijing attacks the country’s biggest tech companies.

The company said it would begin “immediate” preparations to delist in New York and prepare to go public in Hong Kong.

“After a thorough study, the company will immediately begin to withdraw from the New York Stock Exchange and begin preparations for its listing in Hong Kong,” the company posted on Friday on its Weibo account, a Twitter-like service in China.

It comes less than six months after Didi made its $ 4.4 billion (£ 3.3 billion) IPO in New York City, making it the highest listing of a Chinese company in the States. -United from Alibaba in 2014, to see investors sell stocks sharply days later as China’s internet regulator ordered its ridesharing app removed from nationwide app stores.

It was also banned from registering new users and subjected to a “cybersecurity review” as Beijing demonstrated force to curtail Didi’s international expansion plans. In August, Didi suspended its launch plans in Europe and the UK, where it had obtained licenses to operate in Manchester, Salford and Sheffield.

Didi, who is so dominant in its home market that Uber pulled out of China in 2016 in exchange for a stake, said its board of directors authorized the company to guarantee that its shares “will be convertible into freely tradable shares of the company on another internationally recognized market. Stock Exchange “.

Didi’s delisting is the latest development in a long crackdown on Beijing’s rise of Chinese tech companies.


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Last year, regulators intervened at the last minute to block Jack Ma’s Ant Group’s $ 34 billion IPO in what would have been the biggest fundraiser ever for a company.

In April, Ma’s Alibaba paid a record fine of $ 2.8 billion to settle an investigation by Chinese regulators into the anti-competitive practices of the e-commerce company.

Authorities have started to focus on businesses owned by Ma, one of China’s most popular, outspoken and wealthy entrepreneurs, after he gave a blunt speech criticizing domestic regulators last year. , which would have infuriated President Xi Jinping.

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