Didi shareholders approve delisting from the New York Stock Exchange

Bourse

By Income

Published on 05/23/2022 at 18:12 – Updated on 05/23/2022 at 18:03

Didi Global shareholders voted on Monday to withdraw the Chinese chauffeur-driven car booking group from the New York Stock Exchange (NYSE), the largest US stock exchange, less than a year after the company joined Wall Street.

According to a press release, more than 96% of voters voted in favor of delisting at an extraordinary general meeting held in Beijing.

The vote also commits the company not to join any other stock market until the delisting in New York is approved.

In an accompanying document, Didi said he notified the US stock market regulator, the SEC, that a request form to withdraw shares listed on the NYSE would be sent to him from June 2. The effective withdrawal will take place ten days after validation by the SEC.

The group, often described as the «chinese uber»had decided to enter Wall Street at the end of June 2021 despite the opposition of the communist regime.

He had then raised 4.4 billion dollars and had a start with a bang in the New York market.

But this decision was not to the liking of Beijing, which had launched a few weeks later an investigation into the collection of private data by the company.

The share price had then begun a vertiginous fall. Worth over $18 at its peak at the end of June 2021, it now trades for barely $1.

Last December, just five months after entering the US stock market, Didi announced his intention to leave and join the Hong Kong Stock Exchange.

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In its annual report published in May, the group also indicated that it was under investigation by the SEC, with which it said it was cooperating.

The stock market regulator recently tightened its accounting transparency requirements for foreign accounting companies listed in the United States, threatening those that do not comply with the rules with being ejected from the American market.

Monday, the title of Didi rose about 1%, to 1.51 dollars at the start of the New York session.

Le Revenu, with AFP

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