{"id":373260,"date":"2021-11-26T21:59:58","date_gmt":"2021-11-26T18:59:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-reportedly-pressuring-didi-to-delist-from-nyse\/"},"modified":"2021-11-26T21:59:58","modified_gmt":"2021-11-26T18:59:58","slug":"china-reportedly-pressuring-didi-to-delist-from-nyse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-reportedly-pressuring-didi-to-delist-from-nyse\/","title":{"rendered":"#China reportedly pressuring Didi to delist from NYSE"},"content":{"rendered":"<p>&#8220;<strong>#China reportedly pressuring Didi to delist from NYSE<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Chinese regulators have pressed top executives of ride hailing giant\u00a0Didi\u00a0to devise a plan to delist from the New York Stock Exchange due to concerns about data security, two people with knowledge of the matter told Reuters.<\/p>\n<p>China\u2019s powerful Cyberspace Administration of China (CAC) has asked the management to take the company off the US bourse due to worries about leakage of sensitive data, said one of the people.<\/p>\n<p>It also wants the ride-hailing giant to promise it would solve the delisting issue within a certain period of time, said the person.<\/p>\n<p>The cyberspace regulator said, according to the person, the prerequisite for the relaunch of\u00a0Didi\u2019s ride-hailing and other <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>s in China is that the company has to agree to delist from New York.<\/p>\n<p>Proposals under consideration include a straight-up privatization or a second listing in Hong Kong followed by a delisting from the United States, said the person.<\/p>\n<p>In July, the CAC ordered app stores to remove 25 mobile apps operated by\u00a0Didi\u00a0\u2013 just days after the company listed in New York. It also told\u00a0Didi\u00a0to stop registering new users, citing national security and the public interest.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse8.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Didi logo displayed on a smartphone with an illustrative stock chart in the background in a photo illustration\" class=\"wp-image-20278769\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse8.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse8.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse8.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The prerequisite for the relaunch of Didi\u2019s ride-hailing and other apps in China is that the company has to agree to delist from New York, sources told Reuters.<\/figcaption><figcaption><span class=\"credit\">NurPhoto via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Reuters reported earlier this month that\u00a0Didi\u00a0is preparing to relaunch its apps in the country by the end of the year in anticipation that Beijing\u2019s cybersecurity investigation into the company would be wrapped up by then, citing sources directly involved in the relaunch.<\/p>\n<p>Neither\u00a0Didi\u00a0nor the CAC responded to Reuters\u2019 requests for comments.<\/p>\n<p>The people declined to be identified as they were not authorized to speak to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse2.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"President of Didi Liu Qing (left) and CEO of Didi Cheng Wei attend a launch event of D1 electric vehicle on November 16, 2020 in Beijing, China.\" class=\"wp-image-20278854\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse2.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse2.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Shares of Didi, led by its president, Liu Qing (left), and its CEO, Cheng Wei, have fallen 42 percent since it went public in June 2021.<\/figcaption><figcaption><span class=\"credit\">VCG via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Bloomberg first reported regulators\u2019 request for\u00a0Didi\u00a0to delist on Friday. Shares in\u00a0Didi\u00a0investors SoftBank and Tencent fell more than 5% and 3.1%, respectively following the report.<\/p>\n<p>SoftBank Vision Fund owns 21.5% of\u00a0Didi, followed by Uber with 12.8% and Tencent\u2019s 6.8%, according to a filing in June by\u00a0Didi.<\/p>\n<p>If the privatization proceeds, shareholders would likely be offered at least the $14 per share IPO price, since a lower offer so soon after the June offering could prompt lawsuits or shareholder resistance, the report said, citing sources.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse7.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"A smiling man leans out of the window of a Didi taxi \" class=\"wp-image-20278894\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse7.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse7.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse7.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Chinese regulators launched an investigation into Didi over its collection and use of the app\u2019s users\u2019 personal data, which regulators said had been collected illegally.<\/figcaption><figcaption><span class=\"credit\">South China Morning Post via Getty Images<\/span><\/figcaption><\/figure>\n<p>Shares of\u00a0Didi, which have fallen 42% since it went public in June, were down 6.3% at $7.60.<\/p>\n<p>The company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.<\/p>\n<p>Soon after, the CAC launched an investigation into\u00a0Didi\u00a0over its collection and use of personal data. It said data had been collected illegally.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse5.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Chinese President Xi Jinping seated in front of a microphone with a Chinese flag hanging on a pole in the background\" class=\"wp-image-20278927\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse5.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse5.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse5.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>China, led by President Xi Jinping, has been aiming to rein in the power of tech giants after years of unfettered growth. <\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Didi\u00a0responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data usage and would protect users\u2019 rights.<\/p>\n<p>China\u2019s tech giants are under intense state scrutiny over anti-monopolistic behavior and handling of their vast consumer data, as the government tries to rein in their dominance after years of unfettered growth.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/11\/26\/china-reportedly-pressuring-didi-to-delist-from-nyse\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#China reportedly pressuring Didi to delist from NYSE&#8221; Chinese regulators have pressed top executives of ride hailing giant\u00a0Didi\u00a0to devise a plan to delist from the New York Stock Exchange due to concerns about data security, two people with knowledge of the matter told Reuters. China\u2019s powerful Cyberspace Administration of China (CAC) has asked the management&#8230;<\/p>\n","protected":false},"author":1,"featured_media":373261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/11\/china-pressures-didi-delist-nyse6.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[120349,4973,73711,71278,73424,70359],"class_list":["post-373260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-26-21","tag-china","tag-investments","tag-nyse","tag-ride-sharing","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=373260"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/373260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/373261"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=373260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=373260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=373260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}