Technology firm Didi could see its software return to Chinese app stores as early as next week, according to Reuters, following a near two-year regulatory clampdown.
Following the news its American depositary receipts soared in OTC trading, climbing 8.6% from US$4.60 to US$5.03 though they have dipped back since.
Didi, which offers mobile phone programmes for ride-hailing, food delivery and financial services, had seen its 25 apps banned in China after it floated on the New York Stock Exchange in 2021.
It subsequently left the exchange in June last year, though OTC trading is still possible) after just 11 months, following pressure from the watchdog which also imposed a US$1.2bn fine on Didi.
China’s cyberspace administration had also accused it of illegally collecting users’ data.
Didi’s apps had looked set to be reinstated to domestic app stores in September, but the twice-a-decade reshuffling of China’s Communist Party had seen this delayed alongside a series of Covid-19 outbreaks as the country lifted lockdown measures,
The decision to reinstate its apps should be made in the next few days, according to Reuters’ sources, with the move marking an overall easing of China’s crackdown on tech firms as the country looks to shore up its economy.