To The Moon

On April 16th , Didi announced that it will hold an extraordinary general meeting of shareholders in Beijing at 7 pm on May 23 to vote on the voluntary US delisting. The company will not apply for listing on other exchanges until the delisting is complete.

Source:reuters

Looking back on Didi's road to listing, it can be discribed as legend. On June 30, 2021, $DiDi Global Inc.(DIDI)$ was public traded on the Newyork Stock Exchange, The United States, with a stock price of up to $18.01.

Since then, Didi’s stock price has fallen all the way to a lowest at $1.71.  Date to Last Thursday(Apr 14th), DIDI's Price closed at $2.46, down 82.4% from the $14 IPO price, with a total market value of $11.63 billion.According to the lastest financial report of fourth quarter of 2021:

the total revenue in the was 40.777 billion CNY, a y-o-y decrease of 12.7% compared with the same period in Q4 2020.

the net loss in Q4 2021 was 171 million CNY, and the net loss in the same period last year was 7.231 billion CNY. It is reported that DIDI's core car-hailing business revenue fell by 15.% due to the impact of DIDI's off-the-shelf application, which is the main reason for the decline in revenue.

the annual revenue in 2021 was 173.827 billion CNY, a y-o-y increase of 22.6%.

Affected by the investment, the whole year's net loss increased to a loss of 49.3 billion CNY, compared with 10.608 billion CNY in the same period of 2020.

Listing process on Hong Kong Stock Exchange Suspended

On December 3rd, 2021, DIDI announced that it will delisting from the New York Stock Exchange then start preparations for listing in Hong Kong. At that time, there were rumors that DIDI would start the listing work in Hong Kong first, and then delist from the United States.

However, just 3 months later, the variables were regenerated. According to people familiar with the matter, DIDI has suspended the listing process on Hong Kong stocks Exchange because it failed to complete the rectification proposal for data security within the specified time limit.

According to the announcement, the information shows that DIDI will not be listed on the Hong Kong Stock Exchange before delisting.

Serious Board Personnel Changes

In addition, DIDI also announced board personnel changes inside the financial report: Martin Lau, president and executive director of Tencent Holdings, has resigned from DIDIs board of directors, and Tencent's deputy general counsel, Liang Fengxia, has been appointed as a new director of DIDI.

Regarding DIDI’s latest delisting announcement, the China Securities Regulatory Commission said on Saturday:

This particular case is an independent decision made by an enterprise based on the market and its own conditions. It has nothing to do with other U.S.-listed Chinese concept stocks, and has nothing to do with the ongoing Sino-U.S. audit and supervision cooperation consultation, also does not affect the process of cooperation between the two parties.

At present, according to the voting method announced by DIDI, investors of Class B shares have the same vote right as Class A shares investors, with one share one vote.

DIDI is waiting for shareholders attitude, whether DIDI can get the support from shareholders is still in doubt.

• What's your opinion on Didi's delisting from the US stock market?
• Will you support the delisting resolution?
• Do you think Didi will be successfully listed in Hong Kong in the future?

Welcome to leave a comment and opinions, and wonderful insights can share 1,000 tiger coins!