Connect with us

Hi, what are you looking for?


Didi Delisting from New York Stock Exchange

The Chinese ridesharing company is pulling out of the western market.

Several months ago, Chinese ridesharing company Didi launched an IPO on the western stock market. It was an impressive initial offering, totaling at $4.4 billion. Unfortunately for Didi, Beijing didn’t give the go-ahead on this IPO, prompting them to gut the entire operation by banning it from Chinese app platforms. This, in turn, completely destroyed the company’s hopes of a successful western IPO.

Currently, Didi’s stock is only worth about half of what it was worth at the beginning of its IPO, representing a market capitalization loss of about $30 billion. With profits sagging and Beijing looming, Didi has decided it’s time to pull out. Today, Didi announced that they would be delisting themselves from the New York Stock Exchange, presumably to keep their business exclusively in Chinese markets.

“After a careful study, the company will start delisting on the New York Stock Exchange immediately, and start preparations for listing in Hong Kong,” the company announced on their company page on Chinese social media platform Weibo.

Didi’s corporate board will “organize a shareholders meeting to vote on the above matter at an appropriate time in the future, following necessary procedures.”

Following the news of Didi’s withdrawal, other major Chinese companies trading in the United States saw hits to their stock values. Online retailer Alibaba lost 3% of its value, while gaming and music company NetEase dropped by 5.4%.

“This is just another black eye for Chinese tech stocks, which continue to face many regulatory challenges both domestically and globally,” Daniel Ives, managing director and senior equity analyst at Wedbush Securities, told CNN. “The Street remains very various of Chinese tech stocks, and this Didi situation is another cautionary tale.”

You May Also Like


In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...


While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...


As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...


As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...


This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...


As Russia’s invasion of Ukraine continues, many global businesses have pulled their dealings out of Russian territories due to a mix of sanctions and...


In the last few weeks, fears have begun to surface of another potential recession striking the United States economy. Economists have been working to...


It’s no secret that the highs of the COVID-19 pandemic cost movie theater chain AMC an unprecedented amount of money. As people isolated at...