Didi Global Inc Plans to Delist from the NYSE

Less than a year after Didi Global Inc. listed its shares in the USA, the Chinese ride-hailing company said its shareholders approved its plan to delist from the New York Stock Exchange, concluding a regulatory roller-coaster ride that sent its market value plummeting.

The move will allow the company to move forward after being involved in Beijing's campaign to strengthen its grip on Chinese tech giants and their data treasures. Didi told shareholders that it needed to be delisted before it could resolve China's cybersecurity investigations.

In a separate filing, the company notified the New York Stock Exchange of its intentions and said it would submit a delisting notice to the SEC after June 2. Trading of that stock will stop after 10 days.

The company said that investors could trade stocks over the counter but said the company was out of control and warned that they could get stuck in stocks with no viable means to recover a significant portion of their investment.

Didi said in December that it plans to delist in the United States, aiming to be listed in Hong Kong. The company then requested the app to be restored in China, stating that cybersecurity authorizations need to be resolved before re-registering new users.

In May, the SEC said more than 100 Chinese companies, including Didi, were identified as facing the possibility of delisting from the U.S. stock exchange because the audit documents did not meet U.S. auditing standards.