, barely five months after its initial public offering drew the wrath of Beijing.
Didi’s exit is unlikely to be the last, with the government said to be drafting regulations to effectively ban Chinese companies from going public on foreign markets using the so-called variable interest entity structure. The Chinese internet regulator began probing two more US-listed companies, Full Truck Alliance and Kanzhun, soon after launching the review into Didi.
It didn’t have licenses to operate in certain cities and many of its drivers lacked a household registration, or hukou, for the cities where they lived, part of municipal requirements for providing on-demand ride-hailing services there, people with knowledge of the matter said in July.Will investors swap their stock for Hong Kong shares?
But the new securities may trade with a valuation discount: Hong Kong has long been home to some of the world’s lowest price-to-earnings ratios. A gauge of tech shares in the city briefly touched a record low on Friday.Didi’s blockbuster IPO was the second-biggest in the US by a company based in China after Alibaba Group Holding, and gave Didi a market value of about US$68 billion.
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