Chinese ride-hailing app Didi Global has announced plans to have its stock taken off the New York Stock Exchange and relocate to Hong Kong.
This comes months after the company’s US debut in July. In announcing the decision, Didi said on its Weibo account: “following careful research, the company will immediately start delisting on the New York stock exchange and start preparations for listing in Hong Kong.”
In a further statement, the company said the decision had been approved by the company’s board of directors and “the company will organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures.”
The various regulations that the company and other Chinese technology companies face from both the Chinese and US governments are driving several corporate decisions.
Last week, the US market watchdog introduced tough new rules for Chinese companies listed in America, and China’s Internet regulator has also ordered that online stories not be allowed to offer Didi’s app because the company illegally collects users’ personal information.