In June this year, Didi listed on the New York Stock Exchange and raised around US$4.4 billion.
Background: Didi are the Chinese ride-hail giants that started back in 2012 after beating out Uber in China. They have over 550 million users across over 400 cities
What happened: In June this year, Didi listed on the New York Stock Exchange and raised around US$4.4 billion.
What else: Two days after the company's IPO, Didi was rocked by an investigation from Chinese regulators. Their shares are down around 63% from their June listing, and they've decided to yeet away from the NYSE. Instead, they plan to list in Hong Kong.
💡Geopolitical tensions can (and often do) have a knock-on effect to sharemarket movements.
💡The US have just finalised rules to forcibly de-list Chinese companies that don't abide by certain auditing requirements...and while Didi ain't on that list, the company's de-listing sends a pretty clear sign that US-China tensions are causing uncertainty in the market.
💡On top of that, Chinese regulators have been cracking down on big tech firms' power this year...so Didi's de-listing could be the start of a wider trend - one that sees other big Chinese tech firms bounce from Western stock exchanges and re-list on China-controlled exchanges.
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