Caixin
Jun 13, 2022 08:05 PM
FINANCE

Chinese Ride-Hailing Giant Didi Bids Goodbye to NYSE

What’s new: Didi Global Inc. has delisted from the New York Stock Exchange (NYSE), less than a year after its blockbuster debut on the bourse.

On Friday, the ride-hailing giant’s last NYSE trading day, its American depositary shares closed at $2.29 apiece, down 84% from its IPO price of $14.

Starting Monday, the Didi shares will be traded in the less liquid over-the-counter (OTC) market, with its symbol changed to DIDIY from DIDI, according to a Friday announcement by The Options Clearing Corp., a Chicago-based clearing house.

The background: Didi received shareholders’ approval to delist from the NYSE in May, and handed in required paperwork to the U.S. Securities and Exchange Commission (SEC) earlier this month.

The company became the target of Chinese cybersecurity watchdogs’ investigation for cybersecurity and data risks immediately after its $4.4 billion IPO in late June last year. It was asked to rectify, and in December, announced its plan to withdraw from the U.S. stock market and list in Hong Kong.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full story in Chinese, click here.

Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Lin Jinbing (jinbinglin@caixin.com)

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