Didi Moves to Leave U.S. Stock Market Just Months After Huge Offering
The New York Times
The ride-hailing giant made an abrupt shift as officials in Washington and Beijing have grown increasingly skeptical of Chinese corporate access to Wall Street’s money.
Didi Chuxing, the Chinese Uber-like ride-hailing champion and a company once considered the world’s most successful start-up, said Friday that it would begin delisting its New York-traded shares and prepare for a public offering in Hong Kong.
The move is sure to reverberate outside China, particularly in Washington and on Wall Street. Just in June, Didi sold shares to global investors in an initial public offering in New York that valued the company at $69 billion. The abrupt turn after just six months is likely to anger investors, who bid up the price of the company this summer when it listed.
In a statement in China, Didi said its board had authorized beginning the process of delisting from the New York Stock Exchange. The securities that trade in the United States will be “convertible into freely tradable shares” of the company on another stock exchange, it said.
