This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Didi Says It Will Proceed With Delisting From NYSE
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > Tech > Didi Says It Will Proceed With Delisting From NYSE
Tech

Didi Says It Will Proceed With Delisting From NYSE

Editorial Board Published May 23, 2022
Share
Didi Says It Will Proceed With Delisting From NYSE
SHARE

Less than a year after Didi Global Inc. DIDI -4.00% listed its shares in the U.S., the Chinese ride-hailing company said its shareholders approved its plan to delist from the New York Stock Exchange, concluding a regulatory roller-coaster ride that sent its market value plummeting.

The move will allow the company to move forward after it was caught in Beijing’s campaign to tighten its grip on China’s tech giants and their troves of data. Didi had told shareholders it needed to delist before it can resolve a cybersecurity probe in China.

Some 96% of shareholders who cast votes at a Monday meeting favored the delisting proposal, the company said. A May 11 filing with the U.S. Securities and Exchange Commission said that Didi’s founders Will Cheng and Jean Liu had indicated they intended to vote in favor on a one-vote-per-share basis.

The company said in a separate announcement it had notified NYSE of its intention and planned to file its delisting notification with the SEC on or after June 2. Trading in its shares would stop 10 days later.

Didi on Monday referred to its May filing in which it said it won’t apply to list its shares on another exchange until the cybersecurity review and any “rectification measures” are complete.

It said investors can trade shares over the counter, though it said whether such a market develops is outside the company’s control and warned that investors could be stuck with shares with “no practicable means of recouping any significant part” of their investment.

Didi’s American depositary receipts have plunged from their initial public offering price of $14 less than a year ago, saddling many U.S. investors with heavy losses.

Didi shares started trading on June 30, after the company sold $4.4 billion of stock in an IPO. Days later, Chinese regulators launched a probe into the company’s data infrastructure, ordered it to suspend new user registration and forced some of its popular apps to be taken down, which cut into its core ride-hailing business in China. The probe is ongoing.

In trading on Monday, the New York-listed ADRs closed at $1.44 a share, down 4% from Friday.

In December, Didi said it planned to delist its shares in the U.S. and pursue a listing in Hong Kong. The company has since said it must resolve the cybersecurity review before it can apply for its apps to be restored in China and register new users again.

Didi last month said its fourth-quarter revenue fell 12.7% from the same period a year earlier.

Didi’s ordeal has played out against the backdrop of a prolonged dispute between Washington and Beijing over auditing standards. China has deemed some company information too sensitive to national security to go into foreign hands. For companies like Didi, data including on traffic flows or geographic information, could fall into this category.

Meanwhile, the SEC demands that companies hand over their audit working papers—which can contain raw data, including user information and communication between companies and government agencies—for U.S. regulatory inspection for three consecutive years, threatening to remove companies from American exchanges if they don’t.

In May, the SEC said more than 100 Chinese companies, including Didi, had been identified as facing possible delisting from American exchanges, saying their auditing papers didn’t satisfy U.S. auditing standards.

China’s securities regulator has said that Didi’s decision to withdraw from the U.S. market was an independent one made by the company that has nothing to do with other U.S.-listed Chinese stocks. The China Securities Regulatory Commission said in April that Didi’s decision isn’t related to discussions between the two countries about auditing requirements.

Write to Shen Lu at [email protected]

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TAGGED:Tech NewsWall Street Publication
Share This Article
Twitter Email Copy Link Print
Previous Article Broadcom Weighs Paying  Billion for VMware Broadcom Weighs Paying $60 Billion for VMware
Next Article Activision Blizzard Employees Vote to Form Videogame Company’s First Union Activision Blizzard Employees Vote to Form Videogame Company’s First Union

Editor's Pick

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Kirill Dmitriev’s Vision: The Russia-Alaska Tunnel as a Geostrategic Imperative

Executive Summary: A Strategic Announcement In a landmark social media post dated October 16, Kirill Dmitriev, Chief Executive Officer of…

By Editorial Board 6 Min Read
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion
The 2025 Denim Playbook: The Finest Denims and Manufacturers for Each Type | Fashion

We independently consider all advisable services. Any services or products put ahead…

6 Min Read
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing
Ottawa’s culinary neighborhood mourns younger Inuk chef killed in stabbing

The final time Patrick Garland noticed Joshua Qiyuk, the younger chef was…

3 Min Read

Oponion

Sure Pleats: Why Fashionable Males Ought to Nonetheless Put on Pleated Pants | Fashion

Sure Pleats: Why Fashionable Males Ought to Nonetheless Put on Pleated Pants | Fashion

Nice type is all about your waist. Not in a…

October 3, 2024

San Jose State’s Nick Nash, triple crown or not, a probable Day 3 NFL draft choose

SAN JOSE — It was one…

April 22, 2025

LoRa Alliance Releases 2024 Annual Report: Key Developments in LoRaWAN Adoption

LoRaWAN® Expanded Market Management with Sturdy…

February 12, 2025

Donald Trump: I By no means Went to Epstein Island … However Invoice Clinton Did!

Studying Time: 3 minutes The continuing…

July 28, 2025

L.A. wildfires: Man pleads responsible to flying drone that hit Canadian aircraft

A person has agreed to plead…

January 31, 2025

You Might Also Like

This Sensible Calendar Tried to Set up My Household with AI, However It Received’t Substitute My Paper Planner But
Tech

This Sensible Calendar Tried to Set up My Household with AI, However It Received’t Substitute My Paper Planner But

I hate diary planning. When Sunday comes round I’ll do something to keep away from sitting down with the weekly…

3 Min Read
Safe Your Google House With These Nest Cameras and Gadgets
Tech

Safe Your Google House With These Nest Cameras and Gadgets

There’s no want for an costly, professionally put in residence safety system for just a little peace of thoughts. You'll…

7 Min Read
All-Clad Cookware Is Costly, however This Restricted-Time Sale Makes It Approach Extra Reasonably priced
Tech

All-Clad Cookware Is Costly, however This Restricted-Time Sale Makes It Approach Extra Reasonably priced

All-Clad offers are arduous to search out, however the cookware lasts for years and years. Utilizing dangerous cookware could make…

8 Min Read
This Fuel Pizza Oven Was My Favourite of the Summer season. It’s Half Off Immediately
Tech

This Fuel Pizza Oven Was My Favourite of the Summer season. It’s Half Off Immediately

Cookware model All-Clad stunned me this yr. This summer season, it breezed into the yard pizza world with a debut…

2 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?