Headache for U.S. Investors as DiDi Global to Delist from NYSE
Posted on 04/18/2022
Beijing-based DiDi Global Inc is a Chinese company principally engaged in the operation of a mobility technology platform. DiDi Global, the ride-sharing app company, plans to delist from the New York Stock Exchange before going public elsewhere. The price of DiDi’s American depositary receipts (ADRs) sank more from the news. DiDi Global said it will not apply for listings until after the U.S. delisting is finished.
DiDi Global reported that its fourth quarter 2021 net loss narrowed by 95% from a year earlier to 383 million yuan. Approximately US$ 58 billion worth of market value was gone after DiDi stock plunged over 86% since going public. The Chinese government cracked down on the private sector in China in 2021 and Chinese regulators launched a cybersecurity probe just days after DiDi’s initial public offering.