Chinese regulators have asked top executives at Didi to delist from the U-S stock exchange on security fears
China’s tech watchdog wants to take the Didi, a popular ride service off the New York Stock Exchange amid concerns about leaked of sensitive data.
There are several proposals under consideration, including a straight up privatisation, or a share-float in Hong Kong.
According to reports, the company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted.
Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi.
Didi responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data usage and would protect users’ rights.
As of Wednesday’s close, Didi’s shares have fallen 42% to$8.11 since it went public in June.
It comes after Didi pressed ahead with its New York listing in June, even though the regulator had urged the company to put it on hold while a cybersecurity review was underway.
Didi has not responded to the recent claims.
