The settlement delay is another setback for Didi, the national champion that defeated Uber Technologies Inc. Read More: Didi’s Move from NYSE to Hong Kong - What to Know: QuickTake A Didi spokesperson previously referred Bloomberg to their April 16 statement, which stated the option of trading on the pink-sheet market. Representatives for Didi and the CAC didn’t respond to requests for comment on the penalties. SoftBank shares slid as much as 4% in Tokyo trading. Japan’s SoftBank Group Corp., which can hold unlisted stock and plowed more than $12 billion into the company, has seen its 20% stake fall from a peak of about $16 billion to less than $2 billion. Some investors could be forced to sell because their mandates don’t allow them to hold unlisted shares. The Chinese company briefed several investors on the potential relegation of its stock and at least one of them was unhappy with the latest development, one of the people said. have so far refrained from public comment on the delisting. Didi said last week it hadn’t applied to move to another exchange, surprising investors who anticipated a smoother transition.ĭidi’s American depositary receipts dropped 9% to close at $1.71 Thursday in New York, and have declined about 88% since their trading debut on June 30.ĭidi’s shareholders - which include marquee names from Fidelity Investments to Blackrock Inc. The company, once worth about $80 billion, will likely see its stock traded over the counter on the so-called pink-sheets market, home to penny stocks and other riskier businesses. The result is that Didi, once the most celebrated startup in China, faces yet more uncertainty as it prepares to depart New York bourses under orders from Beijing. That’s why Didi suspended plans for a Hong Kong listing, the people said, adding that it’s uncertain when that dispute could be resolved. The officials felt the remedies were too lenient, one person said, asking not to be identified because the matter is private. The agency had aimed to publish the results of that probe in April but central government officials told the CAC they’re not satisfied with the proposed punishments and asked for revisions, the people said. initial public offering last June over the regulator’s objections, the people said. Tech Stocks Fall Postmarket on Drag From Earnings: Markets Wrapĭidi has been in talks with the Cyberspace Administration of China about a fine and other penalties after proceeding with a U.S. Ukraine Latest: Lavrov Warns of Nuclear War Biden Names Envoy Russia to Cut Gas to Poland and Bulgaria, Making Energy a Weapon Russia Warns of Nuclear War Risk as Ukraine Talks Go On submitted by the nation’s cybersecurity regulator, people familiar with the matter said, leaving the future of the troubled ride-hailing giant in limbo.Įlon Musk Lands Deal to Take Twitter Private for $44 Billion (Bloomberg) - Senior Chinese officials have pushed back on a set of proposed punishments for Didi Global Inc.
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