Didi Plunges 44% After Halting Planned Hong Kong Stock Listing
- Ride-hailing giant was told improvement plan fell short
- Financial advisers have stopped preparations for the listing
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Didi Global Inc. plunged 44% on Friday after the company suspended preparations for its planned Hong Kong listing.
The decision came as the Cyberspace Administration of China informed executives of the ride-hailing giant that their proposals to prevent security and data leaks had fallen short of requirements, according to people familiar with the matter. Didi’s main apps, removed from local app stores last year, will remain suspended for the time being, said one of the people, who asked not to be identified as the information is private.