Caixin
May 13, 2022 04:48 AM
BUSINESS

Didi Plunges as Business Recovery Hope Further Dims

Didi, which is backed by Tencent Holdings Ltd., became one of the biggest targets of a crackdown that swept China’s tech industry
Didi, which is backed by Tencent Holdings Ltd., became one of the biggest targets of a crackdown that swept China’s tech industry

Chinese ride-hailing giant Didi Global said it won’t complete a cybersecurity review that would allow its operations to return to normal before a U.S. delisting, further cooling expectations of a business restoration any time soon.

Didi will not be able to complete the cybersecurity review and rectification until it delists its American depositary receipts from the New York Stock Exchange, the company said Thursday in a filing. The company can resume normal operation only after completing the review, it said.

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