Chinese Teach Regulator Asked Didi Global to Delist off U.S. Bourse

Chinese teach regulators have asked country’s largest ride hailing service Didi Global Inc. to devise a plan to delist from U.S. bourse citing data security fears, as reported by Bloomberg.

The regulators asked the company’s management to delist off the New York Stock exchange on concerns about leakage of sensitive data.

Proposals were made by the regulator to go private or float shares in Hong Kong, post delisting from the U.S. bourse.

Bloomberg report said, shareholders would likely to be offered $14 per share IPO price since a lower offer so soon after the June IPO could prompt lawsuits or shareholder’s resistance.

Didi came under high scrutiny from Chinese regulators ahead of its New York listing in June over data privacy practices of the company.