![](https://thecorporatemagazine.com/wp-content/uploads/2024/07/Navigating-the-Techno-Tide-300x169.png)
Navigating the Storm: The Art of Mindful Leadership in Corporate Seas
In the ever-evolving work landscape, where technological tides are reshaping the shores of employment, the question …
December 6, 2021: -Chinese ride-hailing giant Didi said Friday that it would start delisting from the New York Stock Exchange and planning to list in Hong Kong instead.
It comes lesser six months after the tech giant listed in the U.S. Didi said it reached that decision after careful consideration.
Shares of Didi have increased 44% since its IPO on June 30 and closed at $7.80 on Thursday.
The stock decreased after reports that Chinese regulators have asked the firm’s executives to formulate a plan to delist from the U.S. Regulators reportedly want Chinese ride-hailing giant Didi to delist from the New York Stock Exchange due to concerns about near leakage of sensitive data.
According to FactSet, the delisting jeopardizes the massive stakes held by SoftBank and Uber, which combined own over 30% of Didi. SoftBank shares in Japan were down 2.5% on Friday.
Didi drew the ire of regulators when it pushed ahead with an IPO without resolving outstanding cybersecurity issues that the authorities wanted to be solved. Didi is China’s big ride-hailing app and holds lots of data on travel routes and users.
“I think China has made it clear they no longer want technology companies listing over in U.S. markets due to it was bringing them under the jurisdiction of U.S. regulators,” Aaron Costello, regional head of Asia at Cambridge Associates, said Friday after the news broke.
“So our view has been that almost all of these U.S.-listed tech companies will relist either Hong Kong or the mainland,” he told CNBC.
China has cracked down on its tech giants in the previous year. Ant Group’s IPO was suspended in the previous year, while regulators introduced a slew of new rules in antitrust for internet platforms and a bolstered data protection law. Both e-commerce giant Alibaba and food delivery firm Meituan has also faced antitrust fines.
Didi’s announcement comes over 24 hours after the U.S. Securities and Exchange Commission finalized rules allowing it to delist foreign stocks for failing to meet audit requirements.
The rules will let it implement the U.S. Holding Foreign Companies Accountable Act, passing in 2020 after Chinese regulators repeatedly denied requests from the Public Company Accounting Oversight Board, which was created in 2002 to oversee the audits of public companies.
In the ever-evolving work landscape, where technological tides are reshaping the shores of employment, the question …
In the high-stakes game of corporate leadership, where every decision reverberates through the echelons ….
In the corporate landscape, where conformity often reigns supreme, what if I told you that rebels aren’t troublemakers but …
In the corporate landscape, where conformity often reigns supreme, what if I told you that rebels aren’t troublemakers but …
As the storm of the pandemic begins to subside, corporate leaders face a landscape that has forever changed. The question …
In the ever-evolving symphony of corporate dynamics, a new movement has emerged, reshaping the traditional …
In a recent transaction, Janney Montgomery Scott LLC, a financial services firm, purchased 7,125 shares of the iShares ESG Advanced …
A recent regulatory filing reveals that Envestnet Portfolio Solutions Inc. has decreased its holdings in the Invesco S&P 500 Equal …
Discover the number of choices of black british dating If you are looking for a dating site that caters particularly to black british singles, then
In the ever-evolving work landscape, where technological tides are reshaping the shores of employment, the question …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you