Didi to quit New York for Hong Kong listing - RTHK
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Didi to quit New York for Hong Kong listing

2021-12-03 HKT 10:11
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  • Didi's offices in Beijing. The company has come under regulatory scrutiny. File image: Shutterstock
    Didi's offices in Beijing. The company has come under regulatory scrutiny. File image: Shutterstock
The mainland-based ride-hailing giant, Didi Global, has announced that it intends to delist in New York less than six months after its US$4.4 billion IPO and pursue an A-share listing in Hong Kong.

Didi said in a statement on its Weibo social media account that the decision followed "careful research" but did not provide a reason for the delisting.

In a statement on its website, the company said its US shares would be "convertible into freely tradable shares of the company on another internationally recognised stock exchange", adding that its board had approved a move to pursue a listing in Hong Kong.

Regulators in Beijing have been examining Didi's affairs in recent months. The company confirmed in July that it was subject to a cybersecurity review by the Cyberspace Administration Office and it had been required to suspend the registration of new users in China.

The same month, it announced that it had been forced to remove 25 apps, including those used by drivers and passengers, from app stores due to violations of data collection rules. It said it expected the removals to have an "adverse impact on its revenue in China".

Later in July, the company refuted a Wall Street Journal report that it was planning to go private.

The company claims almost 500 million users worldwide and describes itself as the "world’s leading mobility technology platform". (Additional reporting by Reuters)