In a regulatory filing, Didi Global revealed that it is facing a probe by the US Securities and Exchange Commission over its US$4.4 billion IPO at the New York Stock Exchange, reported the South China Morning Post.
The company said it was cooperating with the investigation but it cannot predict its “timing, outcome, or consequences.”
Didi launched the IPO in June last year. It was considered one of the biggest US share offerings by a Chinese company since Alibaba’s in 2014.
Following the launch, Chinese authorities opened an investigation into its customer data collection practices and cybersecurity risks. Didi’s shares fell nearly 20% on the first day of trading after China blocked Didi from app stores in the country.
Late last year, Didi announced that it was delisting from the New York Stock Exchange. The company may file for an IPO in Hong Kong, but these plans have been reportedly shelved for now.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond (Updated)
Editing by Miguel Cordon and Lorenzo Kyle Subido
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