On Thursday, May 12, giant ride-hailing Didi Global informed that delisting on New York Exchange is critical to satisfy the Chinese cybersecurity review and resume its normal operations.

The company listed its shares in the U.S. from June 2021 after upsetting the Chinese authorities, who were concerned about leaking sensitive national data. Not long after the company pushed ahead with a 4.4 billion dollars IPO in New York, Chinese regulators barred 26 of Didi’s apps from taking on new clients and forced them out of local app stores.

According to Reuters, Didi succumbed to Beijing’s regulatory tightening within six months of listing. As a result, the company reported a 49.3 billion yuan (7.29 billion dollars) loss last year. On Wednesday, its shares closed at a record low of 1.53 dollars, 89% below their IPO price.

Didi announced in December that its board authorized the company to file for removal and that it would pursue a share sale in Hong Kong.

The company added that any delay in the delisting and the cybersecurity review would mean growth and usage of the company’s platform in China will suffer, which could adversely affect the company’s business, financial condition, and results of operations and prospects. However, it’s uncertain when or if it will pass the regulatory review.

On May 23, the company will hold a shareholder vote on its American Depositary Shares delisting plans.

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