International Finance: China Asks Didi to Delist From U.S. On Security Fears

The country’s tech watchdog wants management to take the company off the New York Stock Exchange because of concerns about leakage of sensitive data, the people said, asking not to be identified discussing a sensitive matter. The Cyberspace Administration of China, the agency responsible for data security in the country, has directed Didi to work out precise details, subject to government approval, they said.

Proposals under consideration include a straight-up privatization or a share float in Hong Kong followed by a delisting from the U.S., the people added. If the privatization proceeds, the proposal will likely be at least the $14 IPO price since a lower offer so soon after the June initial public offering could prompt lawsuits or shareholder resistance, the people said. If there is a secondary listing in Hong Kong, the IPO price would probably be a discount to the share price in the U.S., $8.

A pedestrian passes the Didi Global Inc. headquarters in Beijing, China, on Monday, July 5, 2021. China expanded its latest crackdown on the technology industry beyond Didi to include two other companies that recently listed in New York, dealing a blow to global investors while tightening the government’s grip on sensitive online data.Deliberations continue and it’s possible regulators will backtrack on their request, the people said.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Beijing asks ride-hailing giant Didi to delist from US: reportBloomberg reported Friday that Chinese regulators now want Didi's executives to take the company off the New York Stock Exchange over worries about sensitive data leakage. This is BS!! China must start paying for the damage they caused to our economy!! COVID19 SouthAfrica
Source: eNCA - 🏆 49. / 51 Read more »

Beijing asks ride-hailing giant Didi to delist from US: reportBloomberg reported Friday that Chinese regulators now want Didi's executives to take the company off the New York Stock Exchange over worries about sensitive data leakage. This is BS!! China must start paying for the damage they caused to our economy!! COVID19 SouthAfrica
Source: eNCA - 🏆 49. / 51 Read more »

Oil falls as reserve release eases worry about supplyFujitomi Securities’ Kazuhiko Saito says profit-taking ahead of the US Thanksgiving holiday is also behind the decline
Source: BDliveSA - 🏆 12. / 63 Read more »

DAVID FICKLING: Oil market highlights US-China codependencyThe world’s two biggest energy consumers have found one issue they can co-operate on, but their relationship remains an uneasy one
Source: BDliveSA - 🏆 12. / 63 Read more »

LETTER: Why are PAYE criminals not charged?Just asking
Source: BDliveSA - 🏆 12. / 63 Read more »

How to fight end-of-year fatigue and keep your finances intactSPONSORED | Use online tools to save yourself from spending too much this festive season
Source: SowetanLIVE - 🏆 13. / 63 Read more »