Today, shares of DiDi Global (NYSE) fell more than 20% after the Chinese ride-sharing firm announced that it will hold an extraordinary general meeting on May 23, to elect the New York Stock Exchange’s delisting of American Depositary Shares.

The ride-hailing firm from China said that it would not be listing its shares on any stock exchange until it has completed delisting in America. DiDi stated that it is exploring other strategies, including looking at potential future stock exchanges.

China’s officials claimed that DiDi made the decision to leave the NYSE on Saturday. According to the China Securities Regulatory Commission (CSRC), DiDi’s decision to delist is not associated with other US-listed Chinese stocks or negotiations with the United States to resolve an audit issue.

Following conflict with Chinese regulators over its US IPO of $4.4 billion in 2021, the company has announced that it will delist US shares.

Didi was ordered by Chinese regulators to be removed from the market until cybersecurity investigations into its data practices were completed.

Several days following the IPO, the Chinese Cyberspace Regulator ordered that app stores remove 25 of DiDi’s mobile apps and that the ride-hailing firm stop new registrations.

Following DiDi’s shareholder meeting announcement, a Chinese securities watchdog issued a statement saying that DiDi’s decision was not related to the other US-listed Chinese companies.

Today, the stock price of DiDi is down more than 20%

By Senad Karaahmetovic