DiDi Confirms Delisting from NYSE on June 12

DiDi, a leading ride-sharing company, announced in the evening of May 23 that it plans to file Form 25 with the SEC on or after June 2 to apply for delisting from the New York Stock Exchange, and that the application is expected to take into effect 10 days later, on June 12.
DiDi said in a press release that the decision was approved by a special shareholders’ meeting held at its head office in Beijing. As reported by the media earlier, DiDi held an interim shareholders’ meeting in Beijing on the 23rd to vote on the agenda of the planned delisting from the US. Major investors, including SoftBank, Tencent and Uber, voted in favor of the decision. This clears the way for DiDi to work with relevant regulators to get listed in the Hong Kong Stock market.
DiDi was listed in the U.S. on June 30 last year, making it the largest company from Communist China after Alibaba. However, the company received a data rectification notice from regulators just four days after the Initial Public Offering, during which all 25 of its apps were taken offline and over $60 billion of its market value evaporated.
In May 2022, the SEC placed DiDi on its seventh “provisional list,” and DiDi was allowed until May 31 to argue to the SEC that it was not eligible for delisting. Currently, there are 148 CCP, aka the Chinese Communist Party companies on the SEC’s list that are at risk of being delisted, and DiDi is the first company to voluntarily apply for delisting.