Shareholders approve delisting Didi from the New York Stock Exchange

The Chinese urban transport giant Didi Global will delist from the New York Stock Exchange (NYSE) after a majority of shareholders voted in favor of a delisting plan.

The approval ends the dispute between the company and the Chinese government over listing on the US stock market.

In an extraordinary general meeting held this Monday, 96.26% of the voting shareholders of Didi spoke out in favor of withdrawing American Depositary Shares (ADS) from the New York Stock Exchange, the company said.

ADSs are US-traded stock receipts linked to securities listed in other countries.

“It is the only option for shareholders. They would be in purgatory if (the Didi) persisted in disobeying the Chinese government,” said Thomas Hayes, president of Green Hill Capital.

THE Didi has also previously said that it will not apply for listing on any other exchanges until the delisting is complete.

there is no promise of Didi on whether or when the company will be able to list the shares in Hong Kong after it leaves New York.

THE Didi has struggled to bring business back to normal after angering Chinese regulators by moving forward in June last year with a $4.4 billion listing in New York, despite being asked to delay the process.

days after the Didi went public, China’s powerful internet surveillance agency, the Cyberspace Administration of China (CAC), launched a cybersecurity investigation into the company’s data practices and ordered app stores to remove 25 mobile apps operated by the company. Didi.

The CAC also told the Didi stop new user records, citing national security and public interest.