China’s Ride-hailing service Didi Global will delist from the New York stock exchange, Reuters reports.
Didi would, instead, pursue a listing in Hong Kong admist data security pressure from Chinese regulators.
Prior to Didi’s listing in New York, Chinese authorities had ordered Didi to put its New York listing on hold while a review of its data practices was conducted.
Didi has been under investigation and has suffered a heavy blow by the powerful Cyberspace Administration of China (CAC) which ordered app stores to remove 25 mobile apps operated by Didi and also told the company to stop registering new users.
Chinese regulators pressed Didi’s top executives to devise a plan to delist from the New York Stock Exchange due to concerns about data security, Reuters reported.
Didi made its New York debut on June 30 at $14 per American Depositary Share, which gave the company a valuation of $67.5 billion on a non-diluted basis.
Those share have since slid 44% until Thursday’s close, valuing it at $37.6 billion.