Chinese ride-hailing company DiDi’s announced delisting from the New York Stock Exchange effectively ends the Chinese technology industry’s parade of public offerings in the United States. DiDi’s run as a listed company has been tumultuous. Its stock has lost nearly 50 percent of its value since its initial public offering (IPO) six months ago. While DiDi said that it came to the conclusion of delisting on its own, that decision was not the company’s to make. The firm reportedly went ahead with an IPO without obtaining an approval from Chinese regulators even after regulators had voiced concerns around certain “cybersecurity” issues about its data storage. How legitimate those concerns were is besides the point. After reports surfaced over the last few weeks that the Cybersecurity Administration of China (CAC) was pushing DiDi to delist, its fate as a U.S.-listed firm was sealed. DiDi plans to list its traded shares in …
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