SHANGHAI (Reuters) – Chinese ride-hailing giant Didi Global said on Friday it will start work on delisting from the New York stock exchange and begin pursuing a listing in Hong Kong after obtaining the approval of its board.
“The company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures,” it said in a statement.
Reuters reported last week citing sources that Chinese regulators had pressed Didi’s top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security.
The company ran afoul of Chinese authorities when it pressed ahead with its $4.4 billion New York listing in July, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.
Didi is also preparing to relaunch its apps in the country by the end of the year in anticipation that Beijing’s cybersecurity investigation into the company would be wrapped up by then, Reuters reported earlier this month.
(Reporting by Brenda Goh; Editing by Himani Sarkar and Edwina Gibbs)
