Chinese ride-hailing group Didi has notified the New York Stock Exchange it will move to delist in the US after shareholders overwhelmingly backed the plan designed to get the company’s services back on to Chinese app stores.
The company said more than 95 per cent of shares cast in the Monday vote approved of its delisting plan, almost a year after Didi pushed ahead with a $4.4bn initial public offering in the US despite signals from Chinese regulators cautioning against the move.
The botched IPO, which occurred on the eve of the Communist party’s centennial, has plunged the company into a months-long crisis. Didi’s shares have fallen 90 per cent since its IPO, wiping $60bn off its market value.
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