Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Less than 6 months after its IPO, China’s Didi says it will delist from the New York Stock Exchange

by
December 3, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

General Mills and Micron Raised Their Dividends. Banks Should Be Lifting Theirs Soon, Too.

Who Is Still Buying Russian Oil And Gas?

A mobile phone shows the interface of Didi’s APP in Yichang, Hubei province, China, July 4, 2021.

Costfoto | Barcroft Media | Getty Images

Chinese ride-hailing giant Didi said Friday that it will start delisting from the New York Stock Exchange, and make plans to list in Hong Kong instead.

It comes less than six months after the tech giant listed in the U.S. Didi said it reached that decision after careful consideration.

Shares of Didi have plunged 44% since its IPO on June 30, and closed at $7.80 on Thursday.

The stock fell sharply last week after reports that Chinese regulators have asked the firm’s executives to formulate a plan to delist from the U.S. Regulators reportedly want Chinese ride-hailing giant Didi to delist from the New York Stock Exchange because of concerns about leakage of sensitive data.

The delisting jeopardizes the massive stakes held by SoftBank and Uber, which combined own over 30% of Didi, according to FactSet. SoftBank shares in Japan were down 2.5% on Friday.

Didi reportedly drew the ire of regulators when it pushed ahead with an IPO without resolving outstanding cybersecurity issues that the authorities wanted solved. Didi is China’s largest ride-hailing app and holds lots of data on travel routes and users.

“I think China has made it clear they no longer want technology companies listing over in U.S. markets, because it brings them under the jurisdiction of U.S. regulators,” Aaron Costello, regional head of Asia at Cambridge Associates, said Friday after the news broke.

“So our view has been that almost all of these U.S.-listed tech companies will relist either Hong Kong or the mainland,” he told CNBC’s “Street Signs Asia.”

When contacted by CNBC on Didi’s planned listing in Hong Kong, the Hong Kong Exchange said it does not comment on individual companies.

China has cracked down on its tech giants in the past year. Ant Group’s IPO was suspended late last year, while regulators introduced a slew of new rules in areas from antitrust for internet platforms and a bolstered data protection law. Both e-commerce giant Alibaba and food delivery firm Meituan have also faced antitrust fines.

Didi’s announcement comes less than 24 hours after the U.S. Securities and Exchange Commission finalized rules that allow it to delist foreign stocks for failing to meet audit requirements.

The rules will let it implement the U.S. Holding Foreign Companies Accountable Act, which was passed in 2020 after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board, which was created in 2002 to oversee the audits of public companies.

Costello told CNBC he expects all the U.S.-listed Chinese tech companies to continue moving their primary listings to Hong Kong.

“This is actually part of the Chinese government’s plan — that they’re no longer comfortable with the U.S. as a jurisdiction for Chinese tech companies because of the regulatory scrutiny that U.S. put on them, and for the data security issues,” he said.

— CNBC’s Arjun Kharpal and Ari Levy contributed to this report.

ShareTweetPin

Related Posts

General Mills and Micron Raised Their Dividends. Banks Should Be Lifting Theirs Soon, Too.

by
July 3, 2022
0

Text size Justin Sullivan/Getty Images General Mills and Micron Technology declared dividend increases this week, and various large banks announced...

Who Is Still Buying Russian Oil And Gas?

by
July 3, 2022
0

Reuters Video shows Ohio officers killed unarmed Black man in hail of bullets AKRON, Ohio (Reuters) -Video released on Sunday...

Will mortgage rates hit 7% in near future? Here’s what the chief economist of the National Association of Realtors says about that

by
July 3, 2022
0

Will mortgage rates rise? Getty Images/iStockphoto Mortgage rates have been on a steady climb upwards: While they started the year...

Recession Measures and NBER

by
July 3, 2022
0

by Calculated Risk on 7/03/2022 03:18:00 PM On Business Cycle Dating from NBER: The NBER's definition emphasizes that a recession...

Altria’s Dividend Yield Spiked After Juul Ban. The Payout Looks Secure.

by
July 3, 2022
0

The FDA's bid to ban Juul products—like these at a shop in El Segundo, Calif., on a recent day—has weighed...

Next Post

DocuSign stock plunges 30% as pandemic boom appears to dissipate

Asia-Pacific stocks largely rise; Chinese tech stocks in Hong Kong drop after Didi delisting plans

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net