Didi sets shareholder meeting to vote on U.S. delisting plans

5 months, 3 weeks ago - April 16, 2022
Didi sets shareholder meeting to vote on U.S. delisting plans
China's regulator says Didi delisting does not concern other U.S. listed Chinese firms

Didi sets shareholder meeting to vote on U.S. delisting plans

Didi Global Inc will hold an extraordinary general meeting on May 23 to vote on its delisting plans in the United States, the company said in a statement on Saturday.

The Chinese ride-hailing firm also said it will not apply for listing of its shares on any other stock exchange before completion of delisting of its American Depositary Shares (the "ADSs")from the New York Stock Exchange (NYSE).

Chinese authorities have come down hard on Didi, after its NYSE listing in June last year, demanding it take down its app from mobile app stores while the Cyberspace Administration of China (CAC) investigated its handling of customer data.

Under pressure from Chinese regulators concerned about data security, Didi in December 2021 decided to delist from the U.S. and pursue a Hong Kong listing.

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

Didi's total revenues for the quarter ended December 31, 2021 fell to 40.8 billion yuan($6.40 billion) from 46.7 billion yuan a year earlier.

China's regulator says Didi delisting does not concern other U.S. listed Chinese firms

China's securities regulator said on Saturday that Didi Global decision to delist from New York Stock Exchange was a decision the Chinese ride-hailing giant made on its own based on the market and the company's own situation.

Didi's delisting has nothing to do with other U.S.-listed Chinese stocks or ongoing efforts between Chinese regulators and their U.S. counterparts to resolve an audit dispute affecting U.S.-listed Chinese firms, the China Securities Regulatory Commission said in a statement on its official WeChat account.

Didi said on Saturday it would hold an extraordinary general meeting on May 23 for shareholders to vote on its voluntary delisting from the New York Stock Exchange.

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