Didi Global, owner of 99, will leave the New York Stock Exchange

More than 96% of shareholders present at the company’s meeting voted to withdraw the shares from the market, after a year of pressure from the Chinese government.

THE Didi Global, Chinese app driver service giant and owner of 99, will delist its shares from the New York Stock Exchange after a majority of the company’s shareholders voted to do so and ending a year-long conflict with Beijing. about its listing on the US stock market.

Gathered in an extraordinary general meeting this Monday, more than 96% of the shareholders present voted in favor of the detachment of Didi from the stock exchange in the United States, the company said.

These shareholders represented 811.44 million out of a total of 1.2 billion shares outstanding on April 28.

“It is the only option for shareholders. They would go to purgatory if they persisted in their disobedience to the Chinese government,” commented Thomas Hayes, president of Green Hill Capital.

Didi said last month, when it convened a general meeting of shareholders held today to vote to detach from the New York Stock Exchange, that it will not list its shares on any other stock exchange until the delisting is complete.

The company has struggled to normalize its business after it infuriated Chinese regulators by moving forward with its $4.4 billion listing on the New York Stock Exchange in June 2021, despite Beijing urging Didi to put that move on hold. wait.

Public accounts: With R$ 320 billion in cash, states increase works in an election year.

Beijing threats

Days after going public on the US stock exchange, China’s competition authority for digital affairs, the Cyberspace Administration of China, launched a cybersecurity inquiry into Didi’s data practices and ordered app stores to remove 25 apps. operated by the company.

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The organization also asked Didi to stop registering new users, citing national security and the public interest.

The company will file a form with the US Securities and Exchange Commission (SEC) by the 2nd of this month requesting that its shares be delisted.

Source: O Globo Agency