Caixin
May 23, 2022 11:36 AM
BUSINESS

Didi Investors to Vote on New York Delisting After Beijing Crackdown

The Didi Global logo on a laptop computer arranged in Hong Kong on Dec. 3, 2021. Photo: Bloomberg
The Didi Global logo on a laptop computer arranged in Hong Kong on Dec. 3, 2021. Photo: Bloomberg

(Bloomberg) — Didi Global Inc. is widely expected to secure a blessing from shareholders on Monday to delist in New York, capping an 11-month ordeal that wiped out around $60 billion of its market value and turned the ride-hailing giant into a symbol of China’s tech crackdown.

The internet firm’s biggest backers including SoftBank Group Corp., Tencent Holdings Ltd. and Uber Technologies Inc. are expected to vote in favor of a delisting at an extraordinary general meeting in Beijing, according to market observers. That would clear the way for the company to cooperate with regulators who are demanding an overhaul of its data systems as part of a cybersecurity review. Only then will Didi be free to begin preparing for a Hong Kong share float, the best outcome investors say they can hope for.

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