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DiDi Global has received shareholder approval to delist from the NYSE. But not even delisting can mean any real growth for DIDI stock.
Chinese ride-hailing giant Didi Global will delist from the New York Stock Exchange, after a majority of the company's shareholders voted in favor of the plan, putting to rest a year-long clash with Beijing over its U.S. stock market listing.
Shares of DiDi Global Inc. DIDI, -6.83% surged 5.3% in premarket trading Monday, after the China-based ride-hailing giant provided details from its delisting from the NYSE after shareholders approved the move. The company said it plans to file a Form 25 with the U.S. Securities and Exchange Commission on or after June 2, and it expects the delisting of its American depositary shares (ADS) to occur ten days after the Form 25 is declared effective.
Shareholders will vote Monday on Didi's plan to quit the New York Stock Exchange less than a year after China's largest ride-hailing firm launched its $4.4 billion initial public offering.
Last June, Didi listed on the New York Stock Exchange despite Beijing's reluctance. Shortly after, Chinese regulators came after the company.
A broad relief rally, courtesy of a surprising source, buoyed many Chinese companies.
Shares of DiDi Global Inc. DIDI, -2.55% dropped 2.0% in premarket trading Thursday, putting them on track to open in record-low territory, after the China-based ride-hailing giant disclosed that it would have to delist from the NYSE to complete a cybersecurity review initiated by regulatory authorities. The company said China's Cybersecurity Review Office announced on July 2, just two days after it debuted on the NYSE, that the company was subject to a cybersecurity review that required the company to suspend new user registration.
Chinese ride-hailing giant Didi Global will only be able to resume normal operations after authorities complete a cybersecurity review of the company, it said in a filing on Thursday.
Didi's Jean Liu and her father, Lenovo head Liu Chuanzhi, are the latest tech leaders to pull back from social media in the wake of China's tech crackdown.
The president of Chinese ride-hailing giant Didi Chuxing and her father, the founder of Lenovo, have ended their public presence on China's main social media site, the latest Chinese tech leaders to retreat from the spotlight.