Didi Global to start work on delisting from New York, to pursue listing in Hong Kong

SHANGHAI: Chinese ride-hailing giant Didi Global will delist from the New York stock exchange and pursue a listing in Hong Kong, it said on Friday , after it ran afoul of Chinese regulators by pushing ahead with its US$4.4 billion US initial public offering in July."Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong," it said.

Reuters reported last week citing sources that Chinese regulators had pressed Didi's top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security. The company pressed ahead with its New York listing despite a regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Didi is also preparing to relaunch its apps in the country by the end of the year in anticipation that Beijing's cybersecurity investigation into the company would be wrapped up by then, Reuters reported earlier this month.

Ultimately all these Chinese companies are beholden to CCP. Yet some ppl inexplicably keep singing praises of these companies 🤷🏽‍♀️

Is this the trend moving forward for the rest of the 'Chinese' companies that are listed in NYSE ?

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