Didi is facing an SEC probe into its botched IPO, company says
2 years, 7 months ago

Didi is facing an SEC probe into its botched IPO, company says

CNN  

Hong Kong CNN Business — Didi says it is facing an investigation by US regulators into its botched IPO last year. The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, “subject to strict compliance with applicable laws and regulations.” “We cannot predict the timing, outcome or consequences of such an investigation,” the company added. A spokesperson for the SEC said it does not comment on “the existence or nonexistence of a possible investigation.” Didi launched a much-anticipated $4.4 billion initial public offering on the New York Stock Exchange on June 30, 2021, the biggest US share offeringby a Chinese firm since Alibaba’s blockbuster debut in 2014. Since then, US regulators have taken a more cautious approach towards Chinese IPOs: In July, the SEC told its staff to ask for more disclosures from Chinese companies seeking to go public in the United States before it approves any plans for them to sell shares.

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History of this topic

Didi Global plans to list on Hong Kong stock exchange in 2024: Bloomberg
1 year, 2 months ago

Didi Global plans to list on Hong Kong stock exchange in 2024: Bloomberg

Live Mint  

Didi global news: Didi Global Inc, the largest ride-hailing business in China, plans to list on the Hong Kong stock exchange in the upcoming year. Any fresh listing would require approval from Chinese authorities, which compelled Didi to delist following its IPO on the fresh New York Stock Exchange last year, said Bloomberg in its news report. This move is …

Chinas said to fine Didi more than $1 billion for data breaches
2 years, 5 months ago

Chinas said to fine Didi more than $1 billion for data breaches

The Hindu  

Chinese authorities are preparing to impose a fine of more than $1 billion on ride-hailing firm Didi Global, people familiar with the matter said on Tuesday, a move that could bring an end to a probe into the firm's cybersecurity practices. The people said the fine would be more than 8 billion yuan, accounting for about 4.7% of Didi's $27.3 …

Didi’s disastrous foray onto Wall Street is over
2 years, 7 months ago

Didi’s disastrous foray onto Wall Street is over

CNN  

Hong Kong CNN Business — Shareholders voted Monday in favor of Didi’s plan to quit the New York Stock Exchange less than a year after China’s largest ride-hailing firm launched its $4.4 billion initial public offering. Just days after Didi’s Wall Street debut last summer, Chinese authorities banned the service from app stores in the country, and initiated a cybersecurity …

Didi departure from NYSE marks end of Wall Street romance with Chinese big tech
3 years ago

Didi departure from NYSE marks end of Wall Street romance with Chinese big tech

Hindustan Times  

The Chinese ride-hailing giant Didi Chuxing's announcement that it will delist its shares from the New York Stock Exchange marks the end of a cushy relationship between Wall Street and Chinese tech giants, who are under siege from authorities in Beijing and regulators in America. An American flag is pictured in front of the logo for Chinese ride hailing company …

Premarket: Didi’s delisting could spell the end for Chinese stocks on Wall Street
3 years ago

Premarket: Didi’s delisting could spell the end for Chinese stocks on Wall Street

CNN  

A version of this story first appeared in CNN Business’ Before the Bell newsletter. “Didi’s repatriation to is a significantly worrying indicator for the larger US-Sino economic relationship,” Brock Silvers, chief investment officer at Kaiyuan Capital in Hong Kong, told me. “Beijing essentially forced Didi’s hand.” Shortly after its $4.4 billion initial public offering in the United States in late …

China plans to ban US IPOs for data-heavy tech firms
3 years, 3 months ago

China plans to ban US IPOs for data-heavy tech firms

Live Mint  

China plans to propose new rules that would ban companies with large amounts of sensitive consumer data from going public in the U.S., people familiar with the matter said, a move that is likely to thwart the ambitions of the country’s tech firms to list abroad. In recent weeks, officials from China’s stock regulator have told some companies and international …

SEC temporarily halts approvals of new Chinese IPOs after Didi debacle
3 years, 4 months ago

SEC temporarily halts approvals of new Chinese IPOs after Didi debacle

CNN  

New York CNN Business — The Securities and Exchange Commission has told its staff to ask for more disclosures from Chinese companies seeking to go public in the United States before it will approve any plans for them to sell shares. The announcement Friday, first reported by Reuters, shows regulators are taking a much more cautious stance on Chinese companies …

China announces on-site Didi cybersecurity investigation
3 years, 5 months ago

China announces on-site Didi cybersecurity investigation

Associated Press  

BEIJING — China’s cyber-watchdog on Friday announced an on-site cybersecurity investigation of ride-hailing service Didi, stepping up scrutiny after earlier criticism of its handling of customer information caused the company’s New York-traded shares to tumble. The on-site inspection comes two weeks after the regulator said it would probe the ride-hailing company over concerns about national security and data security. According …

The SEC should investigate the Didi IPO fiasco, Senator Van Hollen says
3 years, 5 months ago

The SEC should investigate the Didi IPO fiasco, Senator Van Hollen says

CNN  

New York CNN Business — Democratic Senator Chris Van Hollen called on US financial regulators to probe the disastrous IPO of Chinese ride-hailing company Didi. “The SEC should thoroughly investigate this incident to see if investors were intentionally misled by Didi’s public disclosures,” Van Hollen told CNN Business in a statement. “American investors need confidence that the companies that list …

Didi, Alibaba, Tencent stocks roiled by worsening crackdown
3 years, 5 months ago

Didi, Alibaba, Tencent stocks roiled by worsening crackdown

CNN  

Hong Kong CNN Business — China is not slowing down with its historic tech crackdown. A bunch of antitrust fines The latest concerns unfolded Wednesday when China’s antitrust regulator fined several internet companies — including Didi, Alibaba and Tencent — over accusations that they violated thecountry’sAnti-Monopoly Law while making mergers or acquisitions over the last 10 years, according to the …

EXPLAINER: Why China is investigating tech firms like Didi
3 years, 5 months ago

EXPLAINER: Why China is investigating tech firms like Didi

Associated Press  

HONG KONG — Chinese regulators have clamped down on the country’s largest ride-hailing app, Didi Global Inc., days after its shares began trading in New York. WHY DIDI IS IN TROUBLE China’s cyberspace watchdog said it suspects Didi was involved in illegal collection and use of personal data. Full Truck Alliance, which operates the Huochebang and Yunmanman platforms, and Kanzhun …

China tech crackdown wipes out billions from Didi, other U.S.-listed firms
3 years, 5 months ago

China tech crackdown wipes out billions from Didi, other U.S.-listed firms

The Hindu  

Didi Global Inc shares slumped as much as 25% in U.S. pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered the company's app be taken down days after its $4.4billion listing on the New York Stock Exchange. Other U.S.-listed Chinese companies including Full Truck Alliance and Kanzhun Ltd were also set to open lower on Tuesday …

China tech crackdown wipes out billions from Didi, other US-listed firms
3 years, 5 months ago

China tech crackdown wipes out billions from Didi, other US-listed firms

Live Mint  

Didi Global Inc shares slumped as much as 25% in U.S. pre-market trade on Tuesday, ahead of its first session since Chinese regulators ordered the company's app be taken down days after its $4.4 billion listing on the New York Stock Exchange. Other U.S.-listed Chinese companies including Full Truck Alliance and Kanzhun Ltd were also set to open lower on …

EXPLAINER: Why China is investigating tech firms like Didi
3 years, 5 months ago

EXPLAINER: Why China is investigating tech firms like Didi

Associated Press  

HONG KONG — Chinese regulators have clamped down on the country’s largest ride-hailing app, Didi Global Inc., days after its shares began trading in New York. The state-owned newspaper Global Times said in an editorial Monday that Didi has the “most detailed personal travel information” of users among all large technology firms. Full Truck Alliance, which operates the Huochebang and …

Didi shares crash after China bans it from app stores
3 years, 5 months ago

Didi shares crash after China bans it from app stores

CNN  

Hong Kong CNN Business — Didi shares plunged almost 20%Tuesday in New York as fallout continued over news of the company’s troubles in China. Tuesday wasthe first trading day in the United States since Chinese regulators banned Didi’s ride-hailing platform from app stores in the country over the weekend. China will begin regulating what kind of information those tech companies …

China suspends registrations of new Didi users, citing cybersecurity review
3 years, 5 months ago

China suspends registrations of new Didi users, citing cybersecurity review

CNN  

CNN Business — Didi’s stock tumbled Friday after China’s Cyberspace Administration suspended the registration of new users from the company. China put the suspension in place “to prevent the expansion of risk” during a “cybersecurity review” into the company, according to a statement from the country’s cyberspace administration. A crackdown on Big Tech Didi’s debut on the NYSE and the …

Didi stock closes 1% above IPO price in blockbuster US launch
3 years, 5 months ago

Didi stock closes 1% above IPO price in blockbuster US launch

CNN  

Hong Kong CNN Business — Didi went public Wednesday in the biggest US share offering by a Chinese company since Alibaba debuted in 2014. Didi raised $4.4 billion from the stock sale, making it the largest Chinese IPO in the United States since Alibaba’s $25 billion offering in 2014, according to Dealogic. The company was founded in Beijing in 2012 …

Didi IPO: Chinese ride-hailing giant files for US IPO
3 years, 6 months ago

Didi IPO: Chinese ride-hailing giant files for US IPO

CNN  

New York / Hong Kong / New Delhi CNN Business — Didi, China’s giant ride-hailing company, filed paperwork for an initial public offering in the United States with the Securities and Exchange Commission on Thursday. Didi acknowledged the risks in its prospectus, writing that there have been “heightened tensions in international economic relations.” It mentioned US-China disputes on trade, Covid-19 …

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