BEIJING (AP) — Chinese ride-hailing service Didi Global Inc. said Friday it will pull out of the U.S. stock market and shift its listing to Hong Kong as the ruling Communist Party tightens control over tech industries.
The one-sentence announcement on Didi’s social media account gave no explanation, but the company’s U.S. market debut in June was disrupted by a data security crackdown launched by Chinese regulators.
“After conscientious research, the company will start delisting operations on the New York Stock Exchange immediately and commence preparations to list in Hong Kong,” the announcement said.
The company earlier denied reports it planned to buy back its U.S. shares. The share price tumbled after the government announced it was investigating how Didi gathered and handled data on customers, an increasingly sensitive issue in China.
The company raised about $4.4 billion in its June market debut. Its announcement Friday gave no indication what price it might pay to buy back its U.S.-traded stock.