(Bloomberg) Shares of Didi Global Inc. fell more than 37% on Friday after reports emerged that it had suspended its planned listing in Hong Kong.
The suspension of Hong Kong listing by the ride-hailing firm follows reported failure to fulfill the conditions set by Beijing regarding the handling of sensitive user data.
The ride-sharing firm is said to have been informed by the Cyberspace Administration of China that its proposals for handling security and data risks were insufficient.
Didi planned to list in Hong Kong by way of introduction around the summer of this year. The company’s planned listing in Hong Kong after cybersecurity scrutiny by Beijing following its US IPO in June last year.
The suspension now threatens to derail the plans of Didi to move closer home amid growing concerns of delisting of Chinese stocks from the US exchanges.
