Didi Chuxing Chinese Uber rival gives in to pressure and plans to withdraw from Wall Street

Didi Chuxing Chinese Uber rival gives in to pressure and plans to withdraw from Wall Street

Didi Chuxing Chinese Uber rival gives in to pressure and plans to withdraw from Wall Street

The through has announced steps for a withdrawal from the New York Stock Exchange. The company announced on Friday that the board of directors had authorized the company to initiate the necessary proceedings. Votes should be taken at a shareholders’ meeting later. At the same time, a listing on the Hong Kong stock exchange will be sought.

Just a few days after its IPO in the summer, the transport service broker was targeted by Chinese regulators, who reportedly wanted to prevent Didi from going public abroad.

The Beijing cyberspace regulator ordered the deletion of the Didi app from Chinese app stores just days after the listing in New York. In an investigation, “serious violations” were found in the collection and use of personal data by Didi, it said. The share price of its rival, which also operates in 16 other countries such as Australia, Brazil, Mexico and Russia, has halved since it went public in early July.

Chinese companies have been raising capital on the New York Stock Exchange for many years. However, against the background of increasing tensions between the two superpowers, there are more and more reservations about this approach not only in Beijing, but also in Beijing. While Beijing raised security concerns, US critics warned of a lack of transparency by Chinese companies listed in New York. There were also concerns about unclear links with the Communist Party.

They recently announced a whole series for them.

The tide began to turn last fall when Jack Ma, founder of the online retail giant, was first targeted by political leaders after criticizing the country’s state bank-dominated financial sector as outdated and backward. The unusually brisk attack meant that it had to be.