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aws试用账号(www.2km.me)_Didi shares plunge more than 20% on plan to delist from NYSE

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"Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong," Didi said on its Twitter-like Weibo account.

HONG KONG: Just five months after its debut, ride-hailing giant Didi Global said it plans to withdraw from the New York Stock Exchange and pursue a Hong Kong listing, a stunning reversal as it bends to Chinese regulators angered by its U.S. IPO.

Reaction from investors was swift: the company's shares fell 22.17%, losing about $8.4 billion in market value. At their Friday close of $6.07, Didi shares have fallen about 57% since their June 30 IPO price.

"Following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong," Didi said on its Twitter-like Weibo account.

Didi did not elaborate but said in a separate statement it would organize a shareholder vote at an appropriate time and ensure its New York-listed stock would be convertible into "freely tradable shares" on another globally recognized exchange.

Market participants said the decision ramps up uncertainty for investors in U.S.-listed shares of Chinese companies. U.S.-listed shares of Alibaba, Baidu and other Chinese firms fell on Friday.

"If you are a money manager and don’t understand what the rules are, it's easier to just sell and move your money where you better understand the rules of the game,” said Michael Antonelli, market strategist at Baird.

Sources told Reuters last month that Chinese regulators had pressed Didi's top executives to devise a plan to delist https://www.reuters.com/world/china/china-asks-didi-delist-us-security-fears-bloomberg-news-2021-11-26 from the New York Stock Exchange due to concerns about data security.

Didi's board convened on Thursday and approved the U.S. delisting and HK listing plans, said two sources with knowledge of the matter.

Didi pushed ahead with a $4.4 billion U.S. initial public offering in June despite being asked to put it on hold while Chinese officials reviewed its data practices.

The powerful Cyberspace Administration of China (CAC) then quickly ordered app stores to remove 25 of Didi's mobile apps and told the company to stop registering new users, citing national security and the public interest.

Didi, whose apps, in addition to ride-hailing, offer products such as delivery and financial services, remains under investigation.

Redex Research analyst Kirk Boodry, who publishes on Smartkarma, said Didi may need to buy shares at the $14 IPO price to avoid legal issues and at the very least pay more than the current share price.

However, uncertainty remained over what the delisting means for investors. "There may also be some hope that by doing this, Didi management will improve its regulatory relations, but I am less confident on that," Boodry added.

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