Delisting could form part of a raft of punishments for Didi, which infuriated Chinese officials by ploughing ahead with its US IPO despite pushback from BeijingBEIJING - Chinese ride-hailing giant Didi Chuxing said Friday it would start the process of delisting its shares from the New York stock exchange and prepare a Hong Kong listing, shortly after US regulators adopted a rule that would allow them to remove foreign firms.
The ride-hailing firm's IPO in June was quickly overshadowed by an investigation by China's internet watchdog on the grounds of cybersecurity -- just days after the listing and sending the shares plunging. Didi was"advised by Chinese regulators to get listed in Hong Kong rather than New York due to data security issues", said Angela Zhang, associate professor of law at the University of Hong Kong.
Listing in Hong Kong is seen as a hedge against the risk of being removed from US exchanges and a way of accessing an investor base closer to their home markets.On Thursday, US market regulators announced the adoption of a rule allowing them to delist foreign companies if they fail to provide information to auditors.
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