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Chinese regulators push Didi to delist from New York

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Ride-hailing company to start preparations for listing in Hong Kong

Illuminated office windows are shown at night at Didi Global Inc's headquarters in Beijing, China. Picture: BLOOMBERG/YAN CONG

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 upending of Didi’s New York listing — likely to be a difficult and messy process — illustrates both the huge clout that Chinese regulators possess and their emboldened approach to wielding it. Billionaire Jack Ma also ran afoul of Chinese authorities leading to the dramatic scuppering of a mega-IPO for Ant Group last year.

Sources have told Reuters that Chinese regulators pressed Didi’s top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security.One key challenge is whether the bourse would be willing to approve it given that only 20%-30% of the company’s core ride-hailing business in China is fully compliant with regulations requiring three permits, a source with knowledge of the matter said on Friday.

 

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