China’s Didi asks for delisting from the US, SoftBank’s share price drops: report

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The navigation map of the Chinese ride-hailing giant Didi’s app can be seen on the mobile phone in front of the app logo shown in this illustrated picture taken on July 1, 2021.

Florence Rowe | Reuters

Guangzhou, China-Bloomberg reported that after Chinese regulators have asked Didi executives to formulate a plan to delist from the United States, SoftBank shares expanded their decline on Friday.

During the lunch break, SoftBank’s share price in Japan fell by 4.77%. After Didi went public in the US, SoftBank’s Vision Fund held more than 20% of Didi’s shares.

The Bloomberg report said that due to concerns about sensitive data leakage, regulators want Chinese online ride-hailing giant Didi to delist from the New York Stock Exchange. The news agency quoted people familiar with the matter as saying that due to the sensitivity of the matter, they asked not to be named.

According to the report, China’s National Internet Information Office has asked Didi to formulate detailed delisting rules, which must be approved by the government.

According to the report, Didi will either be privatized or listed in Hong Kong after its delisting in the United States.

According to Bloomberg News, privatization will be carried out at the IPO price of US$14 per share when the company goes public, and shares listed in Hong Kong may be lower than Didi’s share price in the United States.

Didi declined to comment on the report.

Delisting under the guidance of the state will be an unprecedented move, but it highlights that Beijing continues to promote the rule of technology giants and place them under stricter supervision. Especially Didi is a special case. Soon after the US IPO in June, regulators conducted a cybersecurity review of the company.

According to reports, Didi pushed for an IPO without addressing the pending cybersecurity issues that the authorities hoped to resolve, which aroused the anger of regulators. Didi is China’s largest online ride-hailing app, with a large amount of data on travel routes and users.


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