Why DiDi Stock Crashed Today
Shares of DiDi Global (NYSE: DIDI) plunged 44% on Friday, following reports that the Chinese ride-hailing leader was ceasing its preparations for a listing on the Hong Kong Stock Exchange.
DiDi reportedly went ahead with its initial public offering (IPO) in June despite calls from Chinese regulators to first strengthen its data management systems, so as to better protect its users' personal information. That decision led the Chinese government to prevent Didi from signing up new users as it conducted a review of the company's cybersecurity practices.
In December, the situation worsened to the point that Didi announced its intention to delist its shares from the New York Stock Exchange. It said at the time that it would pursue a listing on an international stock exchange, so investors would have a trusted platform on which to trade its shares.
Source Fool.com
