Connect with us

Hi, what are you looking for?

Brand

Didi $4.4 Billion IPO Is Under US Securities And Exchange Investigation

Didi said in December that it would exclude its American depositary commission from the New York Stock Exchange in favour of a Hong Kong stock exchange listing.

China's Didi Delisting From NY Stock Exchange

The Securities and Exchange Commission of the U.S. is looking into Didi Global’s $4.4 billion initial public offerings, and the Chinese ride-hailing giant says it is cooperating with the authorities. According to Didi Global, the Securities and Exchange Commission is investigating the Chinese ride-hailing company’s $4.4 billion initial public offerings (IPO) in the United States in June of last year.

When asked about the deal, Didi stated in its annual report on Monday that it was cooperating with the US Securities and Exchange Commission’s investigation, which it said was “subject to strict compliance” with Chinese law. Didi stated that they could not predict such an examination’s time, outcome, or ramifications. The corporation did not provide any other information on the investigation.

When contacted for comment on Tuesday, a corporate spokeswoman did not immediately respond to a message. In accordance with a spokeswoman for the Securities and Exchange Commission, the agency does not reply to inquiries regarding ongoing investigations.

Due to concerns about data safety, Chinese authorities launched an investigation into the IPO last summer. As reported by Reuters, Chinese officials have ordered the company to postpone its initial public offering (IPO) until a cybersecurity audit of its data practices has been completed.

Using national security and the public’s interest as justifications, the country’s powerful cyberspace watchdog ordered app stores to remove 25 Didi-operated mobile apps and urged the company to stop accepting new clients just days after it went live, according to a statement.

Following this announcement, Didi said in December that it would exclude its American depositary commission from the New York Stock Exchange (NYSE) in favour of a Hong Kong stock exchange listing. On May 23, Didi shareholders will vote on whether or not to delist the ADRs from the stock exchange.

Click to comment

Leave a Reply

Your email address will not be published.