By Echo Wang
– The announcement Friday by Chinese rideshare giant Didi Global Inc of its intention to withdraw from the New York Stock Exchange and pursue a listing in Hong Kong raises the question of how this move will play out.
The decision, just five months after the start of the company on the NYSE, has been an astonishing reversal as he bowed to Chinese regulators angered by his United States Initial Public Offering.
Reuters spoke to four regulatory attorneys not involved with Didi, who gave their opinion on how the Chinese company could transfer its listing.
WILLHAVE I GOTLISTING IN HONGKONGBEFOREDELETION IN NEWYORK?
Didi did not disclose whether a Hong Kong listing would precede a New York delisting. If so, transferring the list would be straightforward.
Didi said on Friday that his US Depository Shares (ADRs) would be “convertible into freely tradable shares of the company on another internationally recognized stock exchange for election to ADS holders. This would allow investors to exchange ADRs for Hong Kong listed stocks. They can sell earlier if they wish; Didi stock closed 22.1% on Friday as many investors opted to cash.
Didi did not give a timetable for the move.
CANHAVE I GOTTO DELETE IN NEWYORKBEFORESEO IN HONGKONG?
Yes. In this scenario, investors would have the option of keeping their shares or selling them over-the-counter if they did not sell them before delisting. If Didi wishes to buy back shares from her shareholders, she will usually have to pay a premium for them.
CANHAVE I GOTTO DELETEOFNEWYORK TO WILL?
Certain requirements are set by the United States Securities and Exchange Commission (SECOND) which must be fulfilled. Didi will have to continue to file information with the SECOND even after its delisting from New York, as long as it has 300 US shareholders.
A foreign company can also deregister with the SECOND if its average daily U.S. trading volume (TVAD) is 5% or less of the world TVAD. Didi went public in New York less than six months ago and will have to wait a year to qualify for this path.
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