Didi Global Inc, China’s biggest ride-hailing company, plans to list its shares on the Hong Kong Stock Exchange next year, Bloomberg News reported on Friday, citing people familiar with the matter.
The company recently informed current workers that they can sell their shares — under the employee stock ownership program — back to the company, a step that is viewed as a part of the preparation to list the firm in Hong Kong, the people told the news agency.
Chinese authorities had forced Didi Global to delist from the New York Stock Exchange last year after it ran afoul of the authorities by pushing ahead with a $4.4 billion listing in the US in July 2021.
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Days after its debut in New York, the Cyberspace Administration of China (CAC) had launched an investigation into Didi, citing a need to protect national security and the public interest.
The company was fined $1.2 billion in July 2022 over data-security breaches and was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023, the report said.
Didi’s market share in China declined to roughly 70% from about 90%.
Meanwhile, Didi’s key backers include SoftBank Group Corp. which is estimated to have invested about $11 billion in Didi and now holds a stake of 20%, worth about $3.2 billion.
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(With inputs from Bloomberg)
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Updated: 13 Oct 2023, 12:03 PM IST