HONG KONG : Didi Global said on Friday it will delist from the New York stock exchange and pursue a listing in Hong Kong, the latest development after it ran afoul of Chinese regulators by pushing ahead with its US$4.4 billion U.S. IPO in July.ĭidi's decision to delist in the U.S. [įollowing are key events since Didi publicly announced its intention to list in the United States: comes as a deepening regulatory crackdown wiped billions of dollars off the ride-hailing giant's valuation. June 11 - Beijing-based Didi makes public the filing for its U.S. listing, setting the stage for what is expected to be the world's biggest initial public offering of 2021. June 17 - Reuters reports that China's market regulator has begun an antitrust probe into Didi, citing three people with knowledge of the matter. The probe, the latest in a sweeping crackdown on China's so-called "platform" companies, is investigating whether Didi used any competitive practices that squeezed out smaller rivals unfairly, and whether the pricing mechanism used by Didi's core ride-hailing business is transparent enough, sources said. June 30 - Didi raises US$4.4 billion in its IPO, pricing it at the top of its indicated range and increasing the number of shares sold, giving it a valuation of US$73 billion on a fully diluted basis and US$67.5 billion on a non-diluted basis. The shares end their first day of trading slightly above the IPO price. July 2 - The Cyberspace Administration of China (CAC) says it has launched an investigation into Didi to protect national security and the public interest, and that Didi was not allowed to register new users during the probe, sending Didi shares lower.ĭidi says it plans a comprehensive examination of cybersecurity risks and would cooperate fully with the relevant government authority. July 4 - The CAC orders Chinese app stores to stop offering Didi's app after finding that the firm had illegally collected users' personal data.ĭidi says it had stopped registering new users and would remove its app from app stores, as well as making changes to comply with rules and protect users' rights. HONG KONG, Sept 20 Didi Global Inc co-founder and President Jean Liu has told some close associates that she intends to step down, two sources familiar with the matter said, as the Chinese ride-hailing giant faces intense regulatory scrutiny following its New York listing earlier this year. July 5-6 - Didi says it was unaware before its IPO that the CAC would launch a cybersecurity investigation or order a halt in China to new user registrations and a suspension of app downloads.ĭidi shares fall as much as 25per cent in the first U.S. trading session since Chinese regulators ordered its app off mobile app stores in China. July 8 - Medical data group LinkDoc Technology becomes the first Chinese company to pull back from plans to list in the United States after regulators started an investigation into Didi.
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