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A top Chinese tech company delists from the NYSE just months after its IPO

Added 12-03-21 01:07:01pm EST - “The announcement reflects the rapid reversal in ride-hailing firm Didi Chuxing's fortunes as China goes on a regulatory blitz targeting some of the country's biggest private technology firms.” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “A top Chinese tech company delists from the NYSE just months after its IPO”. Below is an excerpt from the article.

A driver for the ride-sharing company Didi follows a map on his smartphone in Beijing on Oct. 18, 2018. Nicolas Asfouri/AFP via Getty Images hide caption

A driver for the ride-sharing company Didi follows a map on his smartphone in Beijing on Oct. 18, 2018.

BEIJING – The Chinese ride-hailing platform Didi Chuxing says it will delist from the New York Stock Exchange and instead move to the Hong Kong Stock Exchange after coming under intense Chinese regulatory scrutiny.

The announcement reflects the rapid reversal in the transportation company's fortunes as China goes on a regulatory blitz targeting some of the country's biggest private technology firms.

"The rules are really tightening," said Lester Ross, a Beijing-based partner at law firm WilmerHale. "It reflects real pressure ... to tighten control over data, which is regarded as an integral element of national security."

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