Didi of China delisted from New York and went public in Hong Kong

Didi Chuxing, the Chinese ride-hailing group hit by Beijing’s regulatory crackdown on technology companies, said it would delist from the New York Stock Exchange amid China’s split. from the US capital market.

The company wrote on its official Weibo account on Friday that it will begin the delisting process and prepare to go public in Hong Kong.

Regulators ordered Didi’s app to become taken out of the app stores in the country in July, days after the ride-hailing group raised $4.4 billion in the largest China listing in the US since Alibaba in 2014. The company also raised forbidden to register new users.

Initial public offering, completed just days before the Communist Party of China celebrates a hundred years, angry party and government officials who felt the group had put their concerns aside related to national security and troves of map data and other sensitive data.

Didi launches IPO in New York midway prolonged persecution about the dominance of China’s biggest tech conglomerates. The regulatory assault began in November 2020, when President Xi Jinping ordered a last minute stop of Ant Group, Jack Ma’s fintech platform, is dual-listed in Shanghai and Hong Kong.

Ma, once the country’s richest celebrity businessman, angered Mr. Xi and other officials by criticizing Chinese financial regulators weeks before the planned IPO, which is widely seen as a big deal. than ever before in the world.

Since the listing was disturbed, Ma, who also founded the e-commerce platform Alibaba, has since then disappear from public view.

Didi’s hasty delisting comes shortly before the end of the six-month shutdown at the end of December, which will allow company executives and nearly all of the company’s shareholders to begin selling. stock dumping in New York.

The company said holders of its New York-listed shares will have the option to convert them into shares intended to list in Hong Kong.

“The government can dictate something without realizing how complicated it is,” said a Beijing-based lawyer who believes Didi executives probably need to contribute shares. their part to make such a transaction possible.

Didi said it will hold a shareholder vote on the issue in the future.

Additional reporting by Emma Zhou in Beijing and William Langley in Hong Kong

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