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Xi Jinping calls for online delisting of Chinese taxis from US stock exchanges

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Jakarta, CNBC Indonesia – Chinese regulators have just asked the executives of the online taxi company Didi Global to work out a plan to delist them from the stock exchanges in the United States (US) or Wall Street. This news comes from a Bloomberg News report.

Citing people familiar with the matter, the reason for the request was the fear of a leak of sensitive data, cited by Reuters on Friday 11/26/2021.

The Bloomberg News report also said the proposals under consideration include direct privatization or shares outstanding on the Hong Kong Stock Exchange, followed by delisting from the US stock exchanges.

In the event of privatization, shareholders will be offered an IPO price of USD 14 per share. Bloomberg News wrote that lower bids soon after the IPO in June could trigger lawsuits or shareholder resistance.

Reuters said Didi and the Chinese Cyberspace Administration had not responded to requests for comment.

Didi’s relationship with Xi Jinping’s government did not go well, after the rideshare company continued to be listed in New York. Even though the regulator urged Didi to temporarily postpone the plan.

A source told Reuters the delay was due to a review of cybersecurity concerns over data practices.

The Cyberspace Administration of China (CAC) launched an investigation into Didi shortly after enrollment. The survey was based on the reasons for the company’s data collection and use.

Didi was accused of illegally collecting data, the agency also ordered app stores to remove 25 mobile apps operated by the company.

At that time, Didi said he had stopped registering new users. The company added that it will also make changes to comply with national data security and protection rules, and promises to protect user rights.

[Gambas:Video CNBC]

(npb / roy)



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