By Senad Karaahmetovic

Didi Global (NYSE -) shareholders voted today for the delisting of the company from New York Stock Exchange.

DiDi stated that it has filed the paperwork required by the SEC for delisting on or after June 2nd. Initial shares dropped 12% during the pre-open, before climbing 11%. Stocks are now trading flat minutes after the New York Open.

DiDi’s delisting allows it to be closer with Chinese regulators, and help address their concerns. After a huge IPO, the company lost approximately 90% of its market capital.

Bloomberg data shows that hedge fund holdings of Didi have been reduced by 29% to approximately $231.9million in Q1.