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China’s Didi to leave US stock market amid tech crackdown

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KMIZ

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Chinese ride-hailing service Didi Global Inc. says it will pull out of the New York Stock Exchange and shift its listing to Hong Kong as the ruling Communist Party tightens control over tech industries. Didi gave no explanation, but the company’s U.S. market debut in June was disrupted by a data security crackdown launched by Chinese regulators. The company earlier denied reports it planned to buy back its U.S. shares. The share price tumbled after the government announced it was investigating how Didi gathered and handled data on customers, an increasingly sensitive issue in China. The company raised about $4.4 billion in its June market debut.

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