Didi's IPO was the biggest listing in the US by a Chinese company since Alibaba's debut in 2014. (Photo by= Reuters) |
[Asia News = Reporter Reakkana] Chinese ride-hailing giant Didi Global has announced plans to take its shares off the New York Stock Exchange (NYSE) and move its listing to Hong Kong. BBC said that the firm has come under intense pressure since its US debut in July.
Within days of the initial public offering (IPO), Beijing announced a crackdown on technology companies listing overseas. Earlier on Thursday the US market watchdog unveiled tough new rules for Chinese firms that list in America. "Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong," the company said on its account on Weibo, China's Twitter-like microblogging network.
At the end of June, Didi, China's answer to Uber, raised $4.4bn (£3.3bn) in its New York IPO.
Didi also warned that the removal of its app from Chinese stores would have an adverse impact on its revenues. Like many other Chinese technology companies, Didi has also come under pressure from regulators in the US and Europe. Uber also owns a stake in the firm as a result of Didi taking over Uber China in 2016. Didi Global shares have lost more than 40% of their value since their US market debut.