Chinese Uber Rival DiDi Announces Delisting From NYSE After Pressure From Beijing

China - base ridesharing technology political program DiDi will delist from the New York Stock Exchange and go after a listing on the Hong Kong exchange , according to multiple theme and a press acquittance from the companionship .

Without naming the raw rally , DiDi pronounce existing share “ will be transmutable into freely tradable ploughshare ” on another interchange , according to a press release lateThursday . The young interchange is in Hong Kong , a city which has lost a lot of independency from mainland China over the course of instruction of the retiring few eld .

DiDi , which operates in Central America , Africa , the Asia Pacific , Russia , and China , was first listed on the New York Stock Exchange this preceding summer in a move that reportedly see red Communist Party officials in Beijing , fit in to Bloomberg News .

Photo: FeatureChina (AP)

FromBloomberg :

Didi is aiming to register for the Hong Kong lean around March , people with cognition of the matter said , asking not to be identified as the plans have n’t been made public . Based on the normal process in Hong Kong , it could aim for a summer list if everything goes swimmingly . The caller did n’t at once reply to a postulation for comment .

The unprecedented move underline the astuteness of Beijing ’s concern about the potential escape of sensitive data point to its geopolitical contender , as well as the extent to which the government will go to punish Didi for contravening its wishes .

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Officials in Beijing were reportedly most concerned about DiDi ’s independency and may not have received approval from the Chinese government before it was listed in New York .

The unusual delisting is just one of the latest tensions in the New Cold War , which has seen both China and the U.S. institute outright bans on various companies from doing business organization in their respective body politic . The issue of “ national security measure ” is typically invoked , especially when engineering is require .

China ’s Huawei was on the receiving end of American bans over the preceding five year , for the most part because the telecom companionship was expanding chop-chop around the globe . The U.S. ostracize Huawei equipment from America ’s 5 chiliad rollout , surveil in the footstep of other New Cold Warrior countries like Australia .

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