Investing
Didi Shares Slump After Report on Suspension of HK-listing Plans
Published by Wanda Rich
Posted on March 11, 2022
2 min readLast updated: February 8, 2026
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Global Banking & Finance Review®
Company
Published by Wanda Rich
Posted on March 11, 2022
2 min readLast updated: February 8, 2026
Add as preferred source on Google(Reuters) – U.S.-listed shares of Didi Global Inc slumped 12% in premarket trading on Friday after a report that the ride-hailing firm had suspended preparations for its Hong Kong listing due to its failure to meet China’s conditions on handling sensitive user data.
(Reuters) – U.S.-listed shares of Didi Global Inc slumped 12% in premarket trading on Friday after a report that the ride-hailing firm had suspended preparations for its Hong Kong listing due to its failure to meet China’s conditions on handling sensitive user data.
The Cyberspace Administration of China (CAC) told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg reported, citing people familiar with the matter.
The company and its bankers have halted work on the Hong Kong listing by way of introduction originally slated for around the summer of this year, according to the report.
Didi did not immediately respond to a Reuters request for comment.
Didi, which debuted on the New York Stock Exchange in June 2021 at $14 apiece, has lost three quarters of its value after becoming a subject of a data-related cybersecurity investigation days after its IPO.
Just five months after listing its shares, Didi announced a U.S. delisting plan in favor of a Hong Kong listing, succumbing to Beijing’s regulatory tightening.
The company reported a drop in quarterly revenue in December after its apps were taken down from mobile app stores amid a CAC investigation into its handling of customer data.
(Reporting by Abinaya Vijayaraghavan and Medha Singh in Bengaluru; Editing by Subhranshu Sahu and Anil D’Silva)
Cybersecurity refers to the practice of protecting systems, networks, and programs from digital attacks. It involves implementing measures to safeguard sensitive data from unauthorized access and breaches.
Data protection involves safeguarding personal and sensitive information from loss, theft, or unauthorized access. It includes legal frameworks and practices to ensure privacy and security of data.
A financial crisis is a situation where the value of financial institutions or assets drops significantly. It often leads to widespread economic instability and can result in bank failures and loss of savings.
An investment is an asset or item acquired with the goal of generating income or appreciation. It can include stocks, bonds, real estate, or other financial instruments.
The stock market is a collection of markets where shares of publicly traded companies are bought and sold. It serves as a platform for companies to raise capital and for investors to trade shares.
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