Didi stock flop in New York, pre-market capitals down to -20% after Bloomberg reported that the planned Hong Kong Stock Exchange IPO could be postponed. Reason: the Chinese Uber would not have been able to meet the requirements imposed by the Chinese authority responsible for cyber security.
In early December, Didi, also known as the Chinese Uber, closely followed by the Beijing authorities since it dared to launch an IPO to go public on the New York Stock Exchange, announced its decision to delist from NYSE, unless six months after landing on Wall Street, to proceed with the listing on the Hong Kong stock exchange.
Today’s news increases uncertainty about when the Chinese car rental app’s Hong Kong IPO will be launched, as the authority’s decision has stopped the investment banks they were preparing for now. Didi’s debut for this summer.