Chinese giant Didi Global has banned current and former employees of the company from selling the company’s shares indefinitely, the Financial Times reported on Monday, according to Reuters, citing people with knowledge of the issue.
The 180-day period after the company’s initial public offering, during which current and former staff were not allowed to sell shares, was supposed to end on December 27, but the ban was extended without a new expiration date, the report said.
According to the article, employees will not be able to sell shares until the company is listed in Hong Kong.
It is noted that Didi did not immediately respond to a request for comment from Reuters.
The company has been the target of a regulatory crackdown in China, which has forced the company – based in Beijing – to announce plans for delisting from the New York Stock Exchange and seek its listing in Hong Kong.
China’s cybersecurity administration told the company to stop listing new users shortly after its New York Stock Exchange debut in June. Its applications remain under investigation.
.
Source From: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
