Roehl Niño Bautista · · 1 min readChina tells Didi to craft US delisting plan: sources
Ride-hailing firm Didi has been told by Chinese authorities to craft a plan for delisting from the US, Bloomberg reported citing sources briefed on the matter.
This comes months after the company reportedly raised US$4.4 billion in its New York Stock Exchange debut in June. Didi was then immediately rumored to mull delisting amid China’s tech crackdown, but its officials have since denied such claims.
Big-name tech firms have been in the crosshairs of China’s regulatory bodies, taking waves of fines and sanctions for competition and data privacy infractions. Didi itself saw its app banned due to a data privacy violation, and the company even got probed for alleged illegal operations.
See also: How China has been clamping down on big tech empires
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
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