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Samreen Ahmad · · 1 min readDidi denies plans to delist on US exchange to placate Chinese authorities
“Ride-hailing company Didi Global denied a media report that the company was considering going private to placate Chinese authorities and compensate investor losses since it listed in the United States,” reported Reuters.
Details:
- A Wall Street Journal report had cited sources who said Didi was considering plans to delist from the US exchange following Beijing’s crackdown on Chinese firms that have listed overseas. Didi’s shares jumped 40% in premarket trading after the report was published.
- When Didi denied the WSJ report, saying the Chinese ride-hailing firm was actively and fully cooperating with a cybersecurity probe, its stock pared gains to trade only 14.5% higher.
Dive deeper:
- Didi had listed on the New York Stock Exchange last month after raising US$4.4 billion in an initial public offering.
- China’s cyberspace regulator has since launched a probe into the company and asked it to stop registering new users, citing national security concerns.
Editing by Collin Furtado and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
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