Didi shareholders vote to delist from New York stock exchange / Photo: Jade GAO - AFP/File
-
French firm Safran helps build aircraft wings of the future in UK factory
-
Canada hikes rates to contain oil price surge caused by Iran war
-
World Bank warns of worsening food insecurity as commodity prices soar
-
Nintendo producer 'all nervous' as Zelda classic remake hits shelves
-
Billionaire Ambani's Jio soars in market debut after India's biggest IPO
-
Three killed by storm in southern India
-
AI chip giant SK hynix posts seven-fold surge in quarterly operating profit
-
Two hundred 'Cruise for life' passengers stranded in Cambodia
-
S.African activists push back on data centre rush
-
Billionaire Ambani's Jio jumps 21% in market debut after record India IPO
-
Billionaire Ambani's Jio to debut after record India IPO
-
Sri Lanka's Tamil farmers fight to reclaim land after civil war
-
UK set for cautious budget as borrowing costs climb
-
'They don't care about us': Trump food aid cuts leave Americans struggling and angry
-
US Fed expected to hold rates steady ahead of key midterm elections
-
Palestinian activist Khalil returns to Columbia after US detention
-
AI chip giant SK hynix says quarterly operating profit soars 630%
-
Youths testify about 'despair' in unprecedented Canadian climate trial
-
GA-ASI and Saab Perform Advanced AEW Flight Testing on Uncrewed MQ-9B
-
Charles tackles thorny legacy of slavery on Caribbean trip
-
Storied Paris department store seeks bankruptcy protection
-
UN nuclear watchdog chief urges Iran to grant access
-
Boeing shares tumble after it releases cautious growth forecast
Didi shareholders vote to delist from New York stock exchange
Shareholders of Chinese ride-hailing giant Didi Global voted Monday to delist the company in New York, the firm said in a statement, nearly one year since it was hit by a sweeping tech clampdown.
Didi, once known as China's answer to Uber, got into hot water after ploughing ahead with an initial public offering in the United States in June 2021, reportedly against the wishes of regulators in Beijing.
Days after Didi raised $4.4 billion in its initial public offering, Chinese authorities launched cybersecurity investigations into the company, sending shares plunging. Its service was ordered off Chinese app stores soon after.
Monday's decision came after an extraordinary general meeting in Beijing, where shareholders voted to "delist the company’s American Depositary Shares from the New York Stock Exchange as soon as practicable," Didi said in a statement on Monday.
The resolution also stated that Didi's shares "will not be listed on any other stock exchange before the delisting is completed," so as to "better cooperate" with authorities' cybersecurity review and rectification measures.
The statement did not offer any details as to why Didi was backtracking from its decision to raise funds in the United States.
The move is expected to pave the way for a Hong Kong listing, which was reportedly put on hold after China's top internet watchdog told executives their proposals to prevent security and data leaks were insufficient.
Didi has dominated the Chinese ride-hailing market since winning a costly turf war against US titan Uber in 2016.
Its app claims to have more than 15 million drivers and nearly 500 million users.
Several US-listed China tech companies -- including Alibaba -- have held initial public offerings in Hong Kong in recent years as the United States stepped up scrutiny of Chinese firms.
A.Samuel--CPN
