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Author: Kane Wu
HONG KONG (Reuters) – Didi Global said on Friday it would withdraw from the New York Stock Exchange and begin trading in Hong Kong after the latest development came against Chinese regulators, moving forward with a US $ 4.4 billion IPO in July.
Didi’s decision to remove him from the list in the U.S. stems from a valuation of the giant ride that took him back billions of dollars by a deeper regulatory crackdown.[[[[
Since Didi publicly announced his intention to list in the United States,
June 11 – Didi unveils the Beijing-based US list, setting the stage for the world’s largest public offering in early 2021.
June 17 – Reuters reports that Chinese market regulator has launched an investigation into Didi, citing three people who are aware of the issue.
Zunda, the latest crackdown on Chinese so-called “platform” companies, is investigating whether Didi used a competitive practice that unfairly expelled smaller rivals, and whether the pricing mechanism used by Didi’s main travel business is transparent enough. , said sources.
June 30 – Didi raises $ 4.4 billion in its IPO, putting the price at the top of the range and increasing the number of shares sold, valuing $ 73 billion in a fully diluted and $ 67.5 billion undiluted.
The stock ends slightly above the IPO price on the first day of trading.
July 2 – China’s Cyberspace Administration () says it has launched an investigation into Didi to protect national security and the public interest, and that Didi was not allowed to register new users while probing, sending Didi’s shares down.
Didi says he plans a comprehensive cybersecurity risk study and will cooperate fully with the relevant government authority.
July 4 – CAC orders Chinese app stores to stop offering Didi app after seeing that the company has illegally collected personal data from users.
Didi says he will stop registering new users and remove the app from the app stores, as well as make changes to comply with the rules and protect the rights of users. He says the move could hurt revenue.
July 5-6 – Didi says he did not know before his IPO that the CAC would launch a cybersecurity investigation or order the suspension of new user registrations and application downloads in China.
Didi’s shares fell 25% in the first U.S. trading session since Chinese regulators ordered its application outside the China mobile app store.
July 8 – LinkDoc Technology becomes the first Chinese company to withdraw from the list of medical data groups in the United States, after regulators began an investigation into Didi.
July 30 – US Securities and Exchange Commission says it will not allow Chinese companies to raise money in the United States unless their legal structures are fully explained and Beijing is unaware of the risk of interfering in their business.
August 10 – SoftBank says it will suspend investment in China pending regulatory action against the country’s technology companies.
August 11 – Pony.ai self-employed startup suspends New York Stock Exchange plan to join a white check company with a $ 12 billion valuation because it would not become a target in Beijing. Repression against Chinese technology companies, say people who know the subject.
August 27 – China imposes rules to ban the listing of data outside the country with potential security risks, including in the United States, according to a person familiar with the matter.
September 2 – Chinese regulators call for 11 tour companies to discuss points of concern, including Didi, Geely’s Caocao and Meituan’s tour unit.
September 3 – The city of Beijing is considering taking control of Didi State, Bloomberg News reported.
September 4 – Didi denies that the Beijing city government is coordinating companies to invest in it.
September 7 – Beijing city government tells Reuters in a faxed statement that it does not recommend companies invest in Didin.
September 8 – China’s Ministry of Transportation says it will crack down on illegal behavior in the country’s travel industry.
September 10 – Chinese government officials say shipping and travel companies in Didi, Meituan, among others. Alibaba (NYSE 🙂 The Group’s Ele.me and Tencent Holdings (OTC 🙂 to improve the distribution of revenue and ensure employee rest.
September 20 – Jean Liu Didi, founder and president, tells some close members that he intends to step down, Reuters reported.
September 30 – China releases new draft measures aimed at strengthening the new data security law, including definitions of what it considers “basic” and “important” data.
October 21 – Chinese cybersecurity officials propose to Didi and two other U.S.-listed technology companies to study the Hong Kong listings, the Wall Street Journal reported.
October 29 – CAC publishes draft guidelines for companies with more than one million users in the country to conduct a security review before sending user-related data abroad.
November 8 – SoftBank Group Corp values its Dido stake at $ 7.5 trillion below 40% of its acquisition cost.
November 11 – Didi is preparing to relaunch its travel hailing and other applications in China by the end of the year, with the Beijing company’s investigation expected to be completed by then, Reuters reported.
November 14 – CAC publishes draft regulations requiring companies seeking Hong Kong share listings to request cybersecurity inspections if they manage national security data. Large Internet platforms that intend to set up headquarters, operations or research centers abroad will also have to submit a report to regulators, the CAC said.
November 26 – Chinese regulators urge top Didi executives to draw up a plan to withdraw from the New York Stock Exchange because of concerns about data security, sources said.
December 3 – Didi announces his intention to leave New York and seek a list in Hong Kong.
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