Didi’s short-lived stint on the New York Stock Exchange (NYSE) will come to an end on June 10, Nikkei Asia reported, citing sources.
This comes after the public shareholders of the Chinese ride-hailing company voted in May to delist after just 11 months on the exchange. However, the report added that Didi has not informed shareholders about the official exit date.
Last month, Didi said that delisting from the US was necessary to ensure better cooperation with the cybersecurity probes launched by Chinese regulators, who also barred the firm from adding new users. The mobility giant’s apps were removed from the local app stores as well.
Didi’s IPO was considered one of the biggest US listings by a Chinese company since Alibaba’s market debut in 2014. However, Didi’s market value shrunk by 90% since it went public in June 2021.
It’s still uncertain, though, whether Chinese regulators will allow Didi Global to accept new users and restore its mobile apps even after the US delisting.
The Nikkei Asia report noted that Didi may have to pay a fine before getting the go-ahead from the regulators, but the scale or amount of the penalty has yet to be decided.
See also: How China has been clamping down on big tech empires
Editing by Samreen Ahmad, Joy Tirkey, and Eileen C. Ang
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