Didi Global, a Chinese ridehailing company, has announces their plans to delist from the New York Stock Exchange and start listing in Hong Kong. Since the launch of Didi in the USA in July, the company has been under intense criticism and scrutiny. Biejing vowed a crackdown on technology business that list oversees just days after their IPO. The US Securities and Exchange commission, announced that there will be forceful new regulations for the Chinese companies listing in the US on Thursday.
The company named Welbo, China’s walking “twitter” app, that “after rigorous investigation, the company will immediately begin delisting from the New York Stock Exchange and begin preparations for listing in Hong Kong.” DIdi stated that the board has approved their move and that “at appropriate time in the future, the firm will organize a shareholders meeting to vote on the aforementioned item, following proper procedure.” Written by: Lucas Scala and Carolina Paixão Edited by: Anna Kissajikian