US-listed shares of the Chinese ride-hailing giant, DiDi Global Inc. (DIDI) shares were falling -11.83% to trade at $2.98 in pre-market at last check. DiDi Global (DIDI) stock lost -10.58% to close Thursday’s session at $3.38. The stock volume remained 22.91 million shares, which was higher than the average daily volume of 21.65 million shares within the past 50 days. Further, the company has a current market of $16.18 billion and its outstanding shares stood at 4.79 billion. DIDI stock is falling pre-market after news emerged of a halt in the company’s preparation for Hong Kong listing.
What made DIDI Global stop the listing?
Right off the bat Friday, Bloomberg revealed that DiDi Global (DIDI) suspended arrangements for its planned stock listing in Hong Kong.
- DIDI was suspending work on its arrangements for a stock posting in Hong Kong subsequent to neglecting to satisfy Chinese controllers’ requests that it update its frameworks to forestall security and information spills.
- The Cyberspace Administration of China (CAC) advised DIDI chiefs that their recommendations to forestall security and information spills had missed the mark.
- DIDI and its investors have stopped work on the Hong Kong posting via presentation initially scheduled for around the late spring of this current year, as per the report.
- DIDI delisted its portions in New York in December 2021 only months in the wake of opening up to the world.
- Not long after the DiDi IPO, Chinese specialists reported they had sent off a test into the organization for supposedly disregarding the country’s information protection and public safety regulations.
- Chinese government offices attacked the organization’s workplaces for an online protection audit half a month after the fact.
- DIDI opened up to the world toward the finish of June, bringing $4.4 billion up in one of the greatest beginning public contributions of the year.
- The organization revealed a drop in quarterly income in December after its applications were brought down from versatile application stores in the midst of a CAC examination concerning its treatment of client information.
Another huge move by DIDI?
DiDi Global (DIDI) has as of late retreated on its previous choice to stop activities in Russia when Western partners have begun to move in against Moscow’s intrusion of Ukraine. The choice denoted a U-turn for DIDI subsequent to declaring beforehand that it would leave Russia and Kazakhstan from March 4 on account of “changing economic situations and different difficulties” that would keep it from having the option to “give the best outcomes”.