DiDi (DIDI) Stock Falls on Report China Seeks Delisting From US Amid Data Security Concerns
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Shares of Didi Global (NYSE: DIDI) are down 6.5% in pre-open Friday after Bloomberg reported China asked the company’s management to delist from the New York Stock Exchange amid data security concerns.
China’s top executives are worried that the US may gain sensitive data, hence they’re pushing Didi to exit the world’s largest stock market.
Shares in some of Didi’s largest shareholders plunged, with SoftBank Group (OTC: SFTBY) down 5%, Tencent Holdings (OTC: TCEHY) fell 3.1%, while shares of Uber (NYSE: UBER) are also down 5% in pre-open Friday.
The company is now considering options with plans likely to include buying back shares from shareholders for $14.00 apiece - the IPO price - since the lower price could prompt lawsuits.
SoftBank Vision has a 21.5% stake in Didi, followed by Uber Technologies (12.8%) and Tencent (6.8%).
Didi stock price is down 42.6% since going public in June.
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