Chinese ride-hailing giant Didi’s shareholders have voted to delist the company from the NYSE. The decision is a long-expected result of the company finding itself in hot water with the Chinese government after a rushed and later troubled public-market debut in the United States.
Didi went public in the middle of 2021 in an offering that came together quickly. After listing in June, by early July, TechCrunch was already flagging issues between the newly floated company and the Chinese government.
Putatively irked over data concerns, the Chinese Communist Party was executing a regulatory push at the time, making Didi’s foreign IPO all the less palatable. Quickly after the listing, Didi had to stop accepting new user registrations, among other regulatory penalties.
The Exchange explores startups, markets and money.
Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.
The company’s subsequent suffering was absorbed by its new investors post-IPO. After listing at $14 per share and trading as high as $18.01, per Yahoo Finance data, Didi’s shares bottomed out recently at $1.37. Today, the company is worth $1.56 per share, up 4% on the news of its impendin …
