November 26, 2021

Big News from China, asks Didi to delist from U.S. on data security fears

China's regulators are concerned about data security after it was reported that the New York Stock Exchange is planning to delist Didi Global Inc (DIDI).

The Chinese government has reportedly asked top executives at venture capital firm Tiantan Xiaoyang Group and ride-hailing, who both own large stakes indidigroupibplc., to devise a measurement that would satisfymemtheir demandwastoto keepusingsdaq enumeration in the U$A

Didi and the Cyberspace Administration of China have yet to respond, but that didn't stop investors from selling stocks following a Reuters report suggesting they were considering either straight-up privatization or an IPO in Hong Kong followed by delisting from America.

A report published on Monday has caused a stir in the Chinese market. The news is said to have interrupted trading for Didi investors SoftBank Group Corp (9984.T) and Tencent Holdings (0700HK). Shares fell more than 5% each, while those who were long-term holders experienced even steeper losses with 3%. It also reported proposals under consideration include straight-up privatization or listing Hong Kong followed by delisting from U.S stock exchange."Didi to delist from U.S. on data security fears

According to a report from Bloomberg, Didi's shares have been on sale since June and are now worth just over $14 per share. A lower offer so soon after the company went public could prompt lawsuits or shareholder resistance-which likely means that shareholders will be offered at least this amount as an IPO price for their stock in privatization proceedings going forward according to sources cited within the article. As of Wednesday’s close, didi's worldwide app is currently valued at about 8 fingers down from its initial offering cost - though there's plenty left up top!

The company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator telling them to put it on hold while a cybersecurity review was conducted. Sources said that CAC launched an investigation into Didi and found records showing they had been collecting personal data illegally; The information collected could not be used since then as part of their application process or else risk being shut down by regulators as Uber has been recent.

Didi responded by saying it had stopped registering new users and would make changes to comply with rules on national security, personal data usage, protecting users' rights.

for more details and updates visit The Market Activity

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