China's Didi to leave US stock market amid tech crackdown

BEIJING – Chinese ride-hailing work Didi Global Inc. said Friday it volition propulsion retired of the U.S. banal marketplace and displacement its listing to Hong Kong arsenic the ruling Communist Party tightens power implicit tech industries.

The one-sentence announcement connected Didi's societal media relationship gave nary explanation, but the company's U.S. marketplace debut successful June was disrupted by a information information crackdown launched by Chinese regulators.

“After conscientious research, the institution volition commencement delisting operations connected the New York Stock Exchange instantly and commence preparations to database successful Hong Kong,” the announcement said.

The institution earlier denied reports it planned to bargain backmost its U.S. shares. The stock terms tumbled aft the authorities announced it was investigating however Didi gathered and handled information connected customers, an progressively delicate contented successful China.

The institution raised astir $4.4 cardinal successful its June marketplace debut. Its announcement Friday gave nary denotation what terms it mightiness wage to bargain backmost its U.S.-traded stock.

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