China’s Didi plans to hire Goldman for Hong Kong listing, US delisting

China's ride-sharing giant Didi Global Inc has been looking to hire Goldman for its slated US delisting and a planned Hang Seng listing

by Sourav D
SHARE
China’s Didi plans to hire Goldman for Hong Kong listing, US delisting

Chinese ride-sharing giant Didi Chuxing subsidiary Didi Global Inc., has been exploring an option to hire the heavy-weight US lender and financial services provider Goldman Sachs for its slated US delisting and a planned listing in Hang Seng, a press agency report had unveiled late on Friday citing at least three sources who wished to remain anonymous given the scale of sensitivity of the issue, as the ride-sharing giant had bowed down to pressures from Chinese regulators who had reportedly demanded a US delisting in exchange for an unlocking of Didi’s 29 apps in China.

In factuality, Chinese authority had banned use of Didi Chuxing apps just a week after its listing in US capital market back in July this year. However, NYSE-listed Didi Global Inc that made a relatively lackluster debut in US public market on June 30 after raising about a $4.4 billion in a US IPO (Initial Public Offerings), had unfurled in a statement last week that it had decided to delist from US capital market and would pursue a listing in Hang Seng instead.

Apart from that, Didi also had pledged that it would allow its NYSE stakeholders to divest Didi stocks at any internationally recognized stock exchange.

Didi to hire Goldman Sachs for Hang Seng listing

Nevertheless, even before Didi’s listing in US capital market, the Chinese ride-sharing giant had been trapped in the crosshairs of Chinese regulatory authorities, which had been probing potential data malpractice in Didi and asked the company to halt its US public market debut, too.

However, as the company had bent under pressure from Beijing and agreed to quit the NYSE, at least two sources were quoted saying that Didi Chuxing would appoint Goldman to oversee the proceedings of a Hang Seng listing alongside NYSE delisting.

China Hong Kong
SHARE