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Translated by: OX Translation Team – maru
On May 24th, Chinese ride-hailing giant Didi, has informed the New York Stock Exchange that it will proceed with its delisting plan and will file a Form 25 with the U.S. Securities and Exchange Commission on or after June 2nd, 2022. The company will be delisted 10 days after the form is submitted.
It is reported that Didi Chuxing was listed on New York Stock Exchange on June 30th, 2021, and it is the largest Chinese company listed in the United States after Alibaba. Only 4 days after its listing, it was investigated by President Xi Jinping of China, and all 25 of DiDi’s apps were taken down from the app stores in China. Didi stated at the end of 2021, that it would be delisted from the New York Stock Exchange and seek for a listing in Hong Kong.
In May 2022, the SEC will include Didi on the pre-delisting list. Before May 31st, Didi needs to submit a defense to the SEC to prove that it does not meet the conditions for delisting. However, Didi clearly reports to the SEC for delisting, which means that it does not have the conditions for not delisting. Currently, there are hundreds of Chinese companies on the SEC’s list and Didi is the first company that filed for voluntary delisting.
Edited and Proofread by: Linda Progress
Posted by: Linda Progress
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