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Chinese DIDI taxi service to leave from the U.S. market

13 Feb 2022   author: Serdar

DiDi Chinese taxi service announced that it would leave the US market. In particular, the company's securities will no longer be sold on the New York Stock Exchange.

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"After appropriate preparations, the company will begin the delisting procedure from the New York Stock Exchange and relocate its capital to Hong Kong," - a company representatives said. The Chinese service was present on the US market for only five months.

According to most experts, the reason for leaving the American market is the pressure from the Chinese authorities, which prohibited nationally regulated companies from sharing their audit data with foreign regulators. In addition, the Chinese authorities banned the registration of new users, demanding that the service's application be removed from stores, and questioned whether the service complies with prescribed cybersecurity rules.

A similar scenario of the development of events affected the image and capitalization of the company: its shares fell in price by almost 44%.

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