Didi shares tumble on plan to delist from the U.S.

by 24USATVDec. 3, 2021, 6 p.m. 21
-

Didi fell sharply Friday after the company announced plans to delist from the New York Stock Exchange and pursue a listing in Hong Kong instead.

Shares of the Chinese ride-hailing giant have been hammered by regulatory woes in its home country ever since its initial public offering in the U.S. earlier this year. The stock has now roughly halved from that listing price.

Didi's share price sank 17%, after having initially climbed as much as 14% in U.S. premarket trading.

The company said Friday it will delist from the New York Stock Exchange "immediately" and begin preparations for a separate listing in Hong Kong. The U.S. shares are to be converted into "freely tradeable shares" on another international exchange, according to a statement.

The delisting marks an untimely end to Didi's short-lived time as a U.S.-listed company. Investors will now be hoping for a smooth transition of Didi's U.S.-listed shares to Hong Kong. But details on how the company will go about this are thin. The move by Didi to go ahead with the delisting at least rules out the risk of it being forced to do so by regulators.

-

Related Articles

HOT TRENDS

Priyanka Chopra and Nick Jonas welcome their first child

by 24USATVJan. 21, 2022, 9 p.m.2
HOT TRENDS

Pepsi Releases Teaser Trailer for 2022 Super Bowl Halftime Show

by 24USATVJan. 21, 2022, 9 p.m.2
HOT TRENDS

Martha Stewart reveals why she broke it off with Anthony Hopkins

by 24USATVJan. 21, 2022, 7 p.m.2
HOT TRENDS

Howard Stern makes a head-turning comment about anti-vaxxers

by 24USATVJan. 21, 2022, 7 p.m.2
HOT TRENDS

Giants hire Joe Schoen as next general manager

by 24USATVJan. 21, 2022, 7 p.m.2
HOT TRENDS

Naomi Osaka Is Out at Australian Open, but Looking Ahead

by 24USATVJan. 21, 2022, 7 p.m.2
HOT TRENDS

Why Pamela Anderson Is Divorcing Fourth Husband Dan Hayhurst

by 24USATVJan. 21, 2022, 7 p.m.2
HOT TRENDS

Doomsday clock remains at closest point to midnight

by 24USATVJan. 21, 2022, 3 p.m.2
HOT TRENDS

Meat Loaf, 'Bat Out of Hell' singer, has died at 74

by 24USATVJan. 21, 2022, 1 p.m.2
HOT TRENDS

Meat Loaf, rocker and 'Bat Out of Hell' singer, dies at 74

by 24USATVJan. 21, 2022, noon2
HOT TRENDS

Meat Loaf: Bat Out of Hell singer dead at 74

by 24USATVJan. 21, 2022, 11 a.m.2
HOT TRENDS

The Smokers Club Festival Announces Their Nostalgic 2022 Lineup

by 24USATVJan. 21, 2022, 9 a.m.2