Intimidated by Chinese regulators, Didi plans to withdraw from the US listing

by Julie Zhu and Kane Wu

HONG KONG (Reuters) – Chinese ride-hailing giant Didi Global has said it will withdraw from the New York Stock Exchange just five months after its debut and prepare for a listing in Hong Kong.

Didi drew the wrath of Chinese authorities when he continued his IPO in New York, after Chinese regulators asked him to suspend it while he carried out a review of the safety of his practices in data matter.

The Chinese Cyberspace Administration (CAC), the national cyberspace regulator, announced at the time that it would withdraw 25 mobile applications from smartphone application stores operated by the Didi Global group.

“After a thorough review, the company will immediately start delisting in the United States and preparing for its IPO in Hong Kong,” Didi said on his Weibo account, a Chinese platform comparable to the American Twitter.

The group did not explain the reasons for the move, but said in a separate statement that it would hold a shareholder vote at the appropriate time.

Shares of SoftBank Group Corp, which owns a stake in Didi, fell 2% after Didi’s announcement.

(Report Julie Zhu, with Brenda Goh, Kane Wu, Zoey Zhang, Cheng Leng, Alun John and Sayantani Ghosh; French version Camille Raynaud)

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