HONG KONG : Didi Global may have ensured its survival after winning shareholders' nod for a U.S. stock delisting but a quick return to growth won't be easy for the Chinese ride-hailer as it still faces regulatory scrutiny and as COVID-19 has hurt the business.
Didi is unlikely to see a revival in fortunes any time soon as the cybersecurity review, led by internet watchdog Cyberspace Administration of China , is yet to be completed and any penalty to be imposed is yet to be decided, said sources with knowledge of the matter. Delays in charting Didi's future could leave some investors without an exit option on its shares, whose value has already shrivelled. The ride-hailer is currently valued at around $7.2 billion compared to $80 billion around the time of its listing.
Some 96 per cent of Didi's shareholders on Monday approved delisting its American Depositary Shares from the New York Stock Exchange. It plans to file paperwork with the U.S. Securities and Exchange Commission on or after June 2 to delist. "The delisting marks an essential but still small step for Didi to survive," said a person familiar with the company's thinking."It must cut off its presence in the U.S. capital market as soon as possible to win the chance."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong Catholic cardinal criticises China deal after national security arrestHONG KONG — Hong Kong's Cardinal Joseph Zen — in his first public remarks since he was arrested in a national security case earlier this month — on Tuesday (May 24) criticised the Vatican for its 'unwise' deal with China that is due for renewal in September. Zen, a 90-year-old retired Bishop of Hong Kong, is one of the most... You are supposed to do God's work! But end up being the messenger for Satan, creating chaos.
Source: asiaonecom - 🏆 10. / 59 Read more »
China Perspective Podcast: Why China may now seem less attractive to foreign investmentsIt is no longer attractive, not seem less attractive.
Source: STForeignDesk - 🏆 4. / 71 Read more »
China says US 'playing with fire' on Taiwan: XinhuaBEIJING — The United States (US) is 'playing with fire,' the Chinese State Council's Taiwan Affairs Office said Monday (May 23), after President Joe Biden vowed to defend the self-ruled island in the event Beijing attempts to take control, state media reported.
Source: TODAYonline - 🏆 1. / 99 Read more »
US must be 'strategic' on China tariffs, says trade chief Katherine Tai
Source: STForeignDesk - 🏆 4. / 71 Read more »
US says China and Russia bomber drill shows depth of their alignmentWASHINGTON — A joint strategic bomber exercise by Russia and China in East Asia on Tuesday (May 24) shows the depth of the two countries' alignment, a senior US administration official said. And so is US and Nato
Source: TODAYonline - 🏆 1. / 99 Read more »
US calls UN rights chief's visit to China a mistakeYeah . no need to visit... Singapore has to ban an Indonesian Muslim preacher from entering. The very right thing to do yet ST is always peddling fake news from the Western mainstream media. China has been fighting terrorism because the US trained these terrorists in Afghanistan Can't believe it. The loss making SPH has to broadcast from BBC. Wasting taxpayers money in peddling their lies straits_times And the US goes around the world “visiting” very weak nation it can find.
Source: STForeignDesk - 🏆 4. / 71 Read more »