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China reportedly pressured Didi to be delisted from NYSE

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Chinese regulators have pressured top executives at running giant Didi to come up with a plan to delist from the New York Stock Exchange over concerns over data security, two people with knowledge of the matter told Reuters. the subject.

The powerful Chinese Cyberspace Administration (CAC) has asked management to take the company off the U.S. stock exchange over concerns over the leak of sensitive data, one of the people said.

He also wants the rideshare giant to promise to fix the delisting issue within a certain time frame, the person said.

The cyberspace regulator said, according to the person, the prerequisite for relaunching Didi’s ridesharing and other apps in China is that the company must agree to pull out of New York.

Proposals under consideration include direct privatization or a second listing in Hong Kong followed by delisting from the United States, the person said.

In July, the ACC ordered app stores to remove 25 mobile apps operated by Didi – just days after the company was listed in New York. He also told Didi to stop registering new users, citing national security and the public interest.

Didi logo displayed on a smartphone with an illustrative stock market chart as a background in a photo illustration
The prerequisite for relaunching Didi’s ridesharing apps and other apps in China is for the company to agree to delist from New York’s list, sources told Reuters.
NurPhoto via Getty Images

Reuters reported earlier this month that Didi was preparing to relaunch its applications in the country by the end of the year in anticipation that Beijing’s cybersecurity investigation into the company would be completed by then, citing sources directly involved in the recovery.

Neither Didi nor the ACC responded to Reuters requests for comment.

The people refused to be identified because they were not authorized to speak to the media.

Didi Chairman Liu Qing (left) and Didi Cheng Wei CEO attend a D1 electric vehicle launch event on November 16, 2020 in Beijing, China.
Shares of Didi, led by chairman Liu Qing (left) and CEO Cheng Wei have fallen 42% since its IPO in June 2021.
VCG via Getty Images

Bloomberg first reported on Friday regulators’ request to delist Didi. Shares of investors Didi SoftBank and Tencent fell more than 5% and 3.1%, respectively, as a result of the report.

SoftBank Vision Fund owns 21.5% of Didi, followed by Uber with 12.8% and Tencent 6.8%, according to a June filing from Didi.

If privatization continues, shareholders will likely be offered at least the IPO price of $ 14 per share, as a lower bid so soon after the June offer could result in lawsuits or shareholder resistance. , according to the report, citing sources.

A smiling man leans out of the window of a Didi taxi
Chinese regulators have opened an investigation into Didi’s collection and use of app users’ personal data, which regulators say was collected illegally.
South China Morning Post via Getty Images

Shares of Didi, which have fallen 42% since its IPO in June, are down 6.3% to $ 7.60.

The company clashed with Chinese authorities when it continued listing in New York, despite the regulator urging it to suspend it while a cybersecurity review of its data practices was being conducted. sources told Reuters.

Shortly thereafter, the CAC launched an investigation into Didi for his collection and use of personal data. He said the data was collected illegally.

Chinese President Xi Jinping seated in front of a microphone with a Chinese flag hanging from a pole in the background
China, led by President Xi Jinping, aims to harness the power of tech giants after years of unhindered growth.
Getty Images

Didi responded at the time by saying that he had stopped registering new users and would make changes to comply with rules on national security and the use of personal data and protect user rights.

Chinese tech giants come under state scrutiny over anti-monopoly behavior and handling of their vast consumer data, as government tries to curb their dominance after years of growth unimpeded.

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