Following a shareholder meeting, Didi Chuxing plans to file a delisting notification in New York on or after June 2, the ride-hailing company said late Monday night. Trading in shares is set to stop on June 12.
Didi made its debut less than 12 months ago. Two days after the listing, the cyber security authority of China began an investigation into whether the company was illegally collecting and storing information that posed risks to national data security. New registrations were suspended and apps were removed from online stores.
In trading on Monday, Didi closed at US$1.44 (9.6 yuan), only 10 percent of its IPO offer price. Over 90 percent of the market value of Didi has also evaporated. The company is now valued at US$7.4 billion, down from its 87 billion high.
