It took just five months from going public in New York for Didi Chuxing, the Chinese ride-hailing platform, to beat a humiliating retreat.
Didi, which listed overseas despite warnings from Beijing to delay because of data security concerns, confirmed last week it would delist from the New York Stock Exchange and prepare to go public in Hong Kong.
The move has prompted talk of the end of Wall Street’s long and lucrative trade of taking fast-growing Chinese companies public in New York — and of whether US investment banks might lose out if Hong Kong becomes the only destination for offshore listings by China’s hottest start-ups.
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