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Taxi for Didi as it plans swift US exit 

Published: 12:14 03 Dec 2021 GMT

Didi Global

Didi Global, the Chinese ride-hailing app,  intends to de-list from the New York Stock Exchange, just months after its initial public offering (IPO).  

The company, with a market cap of US$37.6bn, has faced intense scrutiny and pressure since July, both in the US and China.  

Beijing began to crackdown on Chinese firms that listed in the US almost immediately after the Didi’s IPO, with the Cyberspace Administration of China even ordering online stores not to offer Didi’s app, claiming it collected user data illegally.  

US investors have also been wary, despite its highly successful IPO which raised US$4.4bn, with the company experiencing a subdued first day of trading thanks to tensions between the two nations.  

More recently, the US Securities and Exchange Commission said brought in rules that mean foreign companies listed in the US can be automatically delisted if they fail to comply with requests for information. 

In a statement released on Weibo, the Chinese equivalent of Twitter, Didi announced its intentions to list in Hong Kong.  

“Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong."  

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