Its shares soared 15% in pre-market trade as investors bet the moveDidi pushed ahead with a $4.4 billion U.S. initial public offering despite being asked to put it on hold while a review of the company's data practices was conducted.The powerful Cyberspace Administration of China then quickly ordered app stores to remove 25 of Didi's mobile apps and told the company to stop registering new users, citing national security and the public interest. Didi remains under investigation.
The move will also likely further discourage Chinese firms from listing in the United States and could prompt some to reconsider their status as U.S. publicly traded companies. It aims to complete a dual primary listing in Hong Kong in the next three months, and under pressure from Beijing delist from New York by June 2022, said one of the sources.
Didi said in its IPO prospectus it had obtained ride-hailing permits for cities that collectively accounted for the majority of its total rides. It has not responded to further queries about permits.
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