The Chinese transportation giant, Didi Chuxing, said on Friday that it will stop trading in New York, shortly after the adoption of a regulation by the US stock regulator to be able to withdraw foreign firms.
Prior to this decision, the Chinese group was already under pressure from Beijing to delist on Wall Street amid the regulatory campaign against internet giants such as Alibaba O Tencent and its growing influence on the lives of consumers.
After careful consideration, (Didi) will begin the process of delisting from the New York Stock Exchange from today and will begin preparations for listing in Hong Kong, “the company said in a statement.
Earlier, the market regulatory authorities in the United States announced the adoption of an amendment to their regulations that allows them to delist firms whose accounts are not analyzed by authorized auditors, something that happens with all Chinese firms on Wall Street.
The transport company, with a presence in several Latin American countries such as Brazil, Mexico, Argentina, Colombia O Chile, starred in the largest entry by a Chinese company on Wall Street since Alibaba in 2014.
But the $ 4.4 billion raised then was quickly overshadowed by an investigation launched days later by Chinese authorities into cybersecurity issues.
The company has been punished by Beijing’s strategy to limit the power of tech companies. In July, authorities withdrew 25 of his applications and conducted inspections of his offices over “national security” fears.
Didi ensures that its application has more than 15 million drivers and almost 500 million users. Their service is often the fastest and easiest way to order a vehicle in dense Chinese cities.
kg
Reference-www.eleconomista.com.mx