DiDi Global takes next step to delist from NYSE

May 23, 2022 10:23 AM ETDiDi Global Inc. (DIDIY)TCEHY, UBERBy: Rex Crum, SA News Editor14 Comments

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DiDi Global (NYSE:DIDI) shares edged up by 2%, Monday, as the Chinese ride-sharing leader took another step toward leaving the United States.

On Monday, DiDi (DIDI) informed the U.S. Securities and Exchange Commission that intends to delist its shares from the New York Stock Exchange, and it would file the appropriate delisting paperwork "on or after" June 2. DiDi (DIDI) said its U.S.-traded shares should cease trading on the NYSE 10 days after its filing its delisting notice.

DiDi (DIDI) said its shareholders approved the delisting measure at an "extraordinary general meeting" held in Beijing on Monday.

DiDi's (DIDI) largest shareholders include Uber Technologies (UBER), Tencent Holdings (OTCPK:TCEHY) and Japan's SoftBank Group. The company, which only went public in June 2021, has lost more than 90% of its market capitalization during an ongoing Chinese crackdown on the country's tech sector an how many of those companies have handled the personal information of their customers.

Earlier this month, DiDI (DIDI) shares took a hit after the company said it needed to complete cybersecurity review that caused it to also hold back on its plans to begin listing its shares in Honk Kong.

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