China’s government has demanded that the Didi group establish a plan to stop its listing on the Wall Street Stock Exchange, Bloomberg news agency reported.
The entry of the Didi group, known as “Chinese Uber”, onto the US stock market in June was overshadowed by an investigation launched by the Communist regime’s authorities over cybersecurity issues.
Based on sources close to the case, Bloomberg says that on Friday the Chinese regulatory agency demanded that the company’s executives withdraw the group from the New York Stock Exchange due to fears of leakage of data considered sensitive.
The information also cites privatization or transfer to the Hong Kong Stock Exchange as options. China’s Cyberspace Administration said the company must work out the details, which must pass government authorization, according to the same sources.
Didi took in $4.4 billion from his Wall Street entry, the highest amount for a Chinese company since Alibaba in 2014.
The chauffeur-driven urban transport electronics company was heavily impacted by regulatory measures taken by Beijing on large local technology companies, which also affected the Alibaba, Tencent and Meituan groups.
Founded in 2012 by Cheng Wei, former director of Alibaba, Didi managed to drive Uber out of China in 2016 after a price war. It is currently present in 15 countries, including Russia and Australia.
The app claims to have 15 million drivers and over 500 million customers.
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