New York taxi service DiDi shares plummet 16% in 3 hours on news of exit from the stock exchange

Shares of Chinese taxi service DiDi on the New York Stock Exchange plummeted 16% in just 3 hours. The company said it will delist and leave the NYSE by listing its shares on the Hong Kong exchange. DiDi was asked about this by the Chinese authorities.

New York taxi service DiDi shares plummet 16% in 3 hours on news of exit from the stock exchange

As of 18:25 Moscow time, the daily decline in DiDi quotes on the New York Stock Exchange amounted to 14.5% – from $ 8.03 to $ 6.65 per share. During the trading session, the company’s securities fell 17% to $ 6.51 per share.

On December 3, DiDi’s board of directors announced that the company would be delisting from the New York stock exchange. DiDi took this step at the request of the Chinese authorities. The taxi service is now planning to list its securities on the Hong Kong exchange. The company expects to convert the receipts, which are traded in the United States, into shares on the Hong Kong exchange.

DiDi had an IPO just 6 months ago in June 2021. The company raised $ 4 billion. Immediately after the listing in New York, the Chinese authorities initiated an investigation against the company, believing that it created a threat of data leakage of Chinese users abroad.

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Cover photo: Kaspars Grinvalds / Shutterstock


Source: RB.RU by rb.ru.

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