Business & Investment

China urges Diddy to delist from the U.S. due to security concerns

© Reuters. File Photo: The logo of the Chinese Ride Hailing Giant Diddy app can be seen through a magnifying glass on a computer screen showing the double digits of this illustrated photo taken on July 7, 2021. REUTERS / Florence Lo / Illustration

Shanghai (Reuters)-Chinese regulators have asked top executives of ridehaling giant Diddy Global, Inc. to devise plans to exclude data security concerns from the U.S. stock exchange, Bloomberg News said. Reported.

China’s high-tech watchdog wants management to buy the company from the New York Stock Exchange on concerns about sensitive data leaks, reports https://www.bloomberg.com/news/articles/2021 -11-26 / china-is-citing people familiar with this issue, said-to-ask-didi-to-delist-from-us-on-security-fears? sref = ZoyErlU1 said.

Didi and China’s Cyberspace Administration did not respond to Reuters’ request for comment. The shares of SoftBank Group, which holds a small number of shares in Didi, fell by more than 5%.

According to news reports, the proposals under consideration include privatization or stock fluctuations in Hong Kong followed by delisting from the United States.

If privatization progresses, shareholders may be offered an IPO price of at least $ 14 per share, as low offers can cause litigation and shareholder resistance shortly after the initial public offering in June. The report quoted sources as saying it was high.

Diddy said he rebelled against Chinese authorities when he pushed for a listing in New York in June, despite regulators demanding a hold from the company during a cybersecurity review of data practices. I told Reuters.

Shortly thereafter, we began investigating Didi regarding the collection and use of personal data. The data was collected illegally and ordered the app store to remove 25 mobile apps run by Didi.

Diddy said at the time that he would suspend new user registrations and make changes to comply with national security and personal data protection rules to protect user rights.

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China urges Diddy to delist from the U.S. due to security concerns

https://www.investing.com/news/stock-market-news/china-asks-didi-to-delist-from-us-on-security-fears–bloomberg-news-2690526 China urges Diddy to delist from the U.S. due to security concerns

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