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DIDI Shareholders To Vote on U.S. Delisting Plan

DIDI claimed that it will carry forward to assess suitable options, which may include exploring the possibility of listing on an alternate globally recognised exchange.

DIDI Shareholders To Vote on U.S. Delisting Plan

It was announced on Saturday by DIDI Global Inc (DIDI.N) that the business will hold a miraculous meeting, dated May 23 to vote on whether or not to exclude it from the New York Stock Exchange.

As part of this announcement, the company stated that it will refrain from applying to record its American Depositary Shares elsewhere in the market until the exclusion of its American Depositary Shares from the New York Stock Exchange (NYSE) has met the target. A statement from the firm claimed that it will carry forward to assess suitable options, which may include exploring the possibility of listing on an alternate globally recognised exchange.

Following a run-in with Chinese regulators over its $4.4 billion initial public offerings (IPO) in the United States last year, DIDI said in December that it will delist from the New York Stock Exchange and seek to list on the Hong Kong Stock Exchange instead.

According to sources, Chinese regulators ordered the firm to delay its stock exchange listing while it performed a cybersecurity evaluation of the data-processing infrastructure.

The country’s strong cyberspace surveillance agency ordered the removal of 25 DIDI-operated mobile apps and instructed the business to freeze new customer registrations in the days following the verdict, claiming national security and the public’s interest as justifications for its actions.

In a press release, in response to DIDI’s announcement on Saturday, China’s securities regulator stated that the decision was made independently by the organisation and had no relation to the other Chinese stocks that are traded on the New York Stock Exchange or between Chinese regulators and their counterparts in the United States to resolve an audit dispute affecting Chinese companies that are traded on the New York Stock Exchange.

Following the issuance of a separate statement on Saturday, the company revealed that its overall sales for the district ended December 31, 2021, plummeted to 40.8 billion yuan ($6.40 billion) from 46.7 billion yuan a year earlier.

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