Ride-hailing firm Didi Global Inc is set to delist its shares from the New York Stock Exchange (NYSE), according to a report by SeekingAlpha on Thursday.
The Company’s board has also approved DiDi to push for a listing of its Class A ordinary stocks on the Core Board of the Hong Kong Stock Exchange.
Didi, popularly known as “Uber of China,” will conduct a shareholders meeting to vote on the delisting at a relevant time in the future.
The DiDi strategy to delist comes after a report by Bloomberg last week revealed that the Chinese Cyberspace Watchdog directed DiDi to come up with a proposal to withdraw its listing from the NYSE.
The Chinese watchdog was concerned about the potential leakage of sensitive data from DiDi’s operations.
Didi, whose stocks have plunged 44% since its IPO in late June, has progressed with its NYSE offering despite requests from Chinese the regulator to improve the security of its data.