Didi Global announced on Friday that it has begun the process of delisting its shares from the New York Stock Exchange and preparing for a Hong Kong listing in a dramatic retreat from its USD 4.4 billion US initial public offering just six months earlier.
The decision was made after “careful consideration,” the leading Chinese ride-hailing platform said. Didi said US shareholders would eventually be able to convert their holdings to Hong Kong shares.
Didi’s listing alarmed Chinese regulators who worried that it could give US officials access to sensitive customer data. The authorities responded with a series of measures against the company, including banning it from signing up new customers and forcing it out of local app stores.
Its shares have fallen more than 50% since the IPO, leaving it with a market capitalization of USD 37.62 billion.
This article first appeared on Nikkei Asia. It’s republished here as part of 36Kr’s ongoing partnership with Nikkei.