The Chinese Didi Chuxing, who dominates in his country the market for the reservation of cars with driver (VTC), announced Friday his immediate withdrawal from the New York Stock Exchange where it had been listed for five months.
“After careful consideration, the company has started the process of delisting from the New York Stock Exchange with immediate effect and has started the preparatory work for a listing in Hong Kong,” Didi said in a brief statement.
This decision comes a few hours after the adoption in the United States of more restrictive rules for foreign companies listed there.
The US financial market regulator, the SEC, is now authorized to delist companies that do not have their accounts audited by an approved company.
Companies in mainland China and Hong Kong are notorious for not going through this procedure.
Didi, who dominates the VTC market in his country, entered the New York Stock Exchange at the end of June.
The firm had then raised 4.4 billion dollars (3.7 billion euros) and provoked the discontent of Beijing which was not favorable to a listing abroad, in a context of strong tensions with Washington.
Fearing a transfer of sensitive data to the United States, the Chinese authorities immediately launched an administrative investigation against Didi in connection with his collection of private data.
The value of the Didi share has since its IPO lost 45%
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