Shareholders of Chinese ride-hailing platform Didi have voted to delist the company from the New York Stock Exchange (NYSE).
Didi mentioned that more than 90% of shareholders voted in favor of the delisting.
This comes less than a year after Didi going public in June 2021, raising a total of US$4.4 billion, which was one of the largest initial public offerings (IPO) by a Chinese technology company.
Apparently, the IPO was never given a green light by Chinese regulators and subsequently, all Didi’s apps were taken down from the app stores in China over issues related to the collection and use of personal information.
The ongoing crackdown by Chinese regulators has forced the China's leading ride-hailing platform to suffer a decline on its mobility business and report a quarterly revenue loss.
The company said that a delisting is necessary to complete its cybersecurity review by Chinese regulatory authorities.
Didi’s shares have fallen 90% since its IPO, from US$14 to US$1.56 per share, wiping almost US$60 billion off its market value.
The company is reportedly looking to relist on the Hong Kong Stock Exchange but when that would occur is unclear as it would need to pass Hong Kong’s strict regulations.
