Shares of Didi Global Inc. on the New York Stock Exchange slumped by double-digits on Friday following reports that its Hong Kong listing has been delayed, Reuters reported.
- Shares of the firm fell by as much as 12% in premarket trading after Didi Global was said to have suspended arranging its listing in Hong Kong after unsuccessfully meeting Chinese conditions on user data.
- People close to the matter earlier said the Cyberspace Administration of China notified Didi executives that their proposals to ensure security and address data leaks have failed.
- Didi officials and its bankers have stopped efforts on the planned listing in Hong Kong, which was originally scheduled around the summer of 2022. They have yet to comment further on the matter.
Didi debuted on the NYSE in June 2021 and has since announced a delisting plan to shift to Hong Kong. DIDI is down 37.7219%.