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Didi Sets Shareholder Meeting on May 23 to Vote on US Delisting

Ride-hailing firm says it won’t apply to list shares on any other stock exchange before the delisting of its American Depositary Shares from NYSE is complete.

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An NYSE trader works on the Didi IPO in New York last July.
Didi shares shot up 50% today after a report that Chinese regulators plan to allow the company's apps to go back on domestic app stores. File photo: Reuters.

 

Didi Global Inc will hold an extraordinary general meeting (EGM) on May 23 to vote on its delisting plans in the United States, the Chinese ride-hailing giant said in a statement on Saturday.

The company also said it will not apply to list its shares on any other stock exchange before the delisting of its American Depositary Shares from the New York Stock Exchange (NYSE) was complete.

It added that it will continue to explore appropriate measures that include exploring a potential listing on another internationally recognized exchange, it said.

Didi announced in December that it would delist from the NYSE and pursue a listing in Hong Kong after it ran foul of Chinese regulators by pushing ahead with its $4.4 billion US IPO last year.

Chinese regulators had urged the firm to put its listing on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Days after it went ahead, the country’s powerful cyberspace watchdog ordered app stores to remove 25 mobile apps operated by Didi and told the company to stop registering new users, citing national security and the public interest.

China’s securities regulator, in a statement noting Didi’s Saturday announcement, said the decision was one that the company had made independently and had nothing to do with other US-listed Chinese stocks or ongoing efforts between Chinese regulators and their US counterparts to resolve an audit dispute affecting US-listed Chinese firms.

Didi’s total revenue for the quarter ended December 31, 2021 fell to 40.8 billion yuan ($6.40 billion) from 46.7 billion yuan a year earlier, the company said in a separate statement also issued on Saturday.

 

  • Reuters with additional editing by Sean OMeara

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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