- DiDi Global Inc DIDI shareholders will vote to delist from the NYSE to get its services back on to Chinese app stores for the first time in almost a year.
- The plan to delist comes almost a year after the company pushed ahead with a $4.4 billion initial public offering in the U.S. despite objections from Chinese regulators, the Financial Times reports.
- The company’s board, including representatives from tech groups Alibaba Group Holding Limited BABA, Tencent Holding Ltd TCEHY, and Apple Inc AAPL have also backed the measure.
- Didi’s shares have fallen 90% since its IPO, wiping $60 billion off its market value.
- Unable to sign up new users, Didi’s revenues have tumbled, and losses have widened, while lay-offs have added to sagging morale.
- However, doubts remain whether DiDi would be able to appease the Chinese regulators with the move.
- Price Action: DIDI shares traded higher by 7% at $1.61 on the last check Monday.
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