GBeing in tech, Didi leaves Wall Street. The Chinese application, which dominates the car reservation market with driver (VTC) in its country, announced its immediate withdrawal from the New York Stock Exchange where it had been listed for five months. “After careful consideration, the company has started the process of delisting from the New York Stock Exchange with immediate effect and has started the preparatory work for a listing in Hong Kong,” the company said in a brief press release, published on Friday 3 December.
Didi also withdrew from Nasdaq, the second largest US equity market. This decision comes hours after the adoption in the United States of more restrictive rules for foreign companies listed there. The US financial market regulator, the SEC, is now authorized to delist companies that do not have their accounts audited by an approved company. Companies in Mainland China and Hong Kong are notorious for not going through this procedure.
Beijing unhappy
When it joined, the firm had raised 4.4 billion dollars (3.7 billion euros) and provoked the discontent of Beijing, which was not in favor of a listing abroad, in a context of strong tensions with Washington . Fearing a transfer of sensitive data to the United States, the Chinese authorities immediately launched an administrative investigation against Didi in connection with his collection of private data. The value of the Didi share has since its IPO lost 45%
