Investors are preparing to vote on whether China’s ride-hailing app Didi should be delisted from the NYSE after it robbed $60 billion in market value in a year.

  • Didi investors are expected to decide on Monday whether the company will be delisted from the NYSE.
  • The vote follows a year-long debate between Didi and Beijing authorities.
  • In June, Beijing expressed its cybersecurity concerns and warned Didi not to go public on the NYSE.

Didi, a popular ride-sharing platform in China, is sometimes “China’s Uber” It’s trying to see if it can move to the next level in a year-long clash with Beijing, which took more than $60 billion in market value on Monday.

The company will hold an extraordinary general meeting on Monday, where backers will vote on whether or not to continue listing on the New York Stock Exchange. SEC filing from the beginning of this month. The meeting will be held on Monday evening in the Chinese capital. Bloomberg And Nikkei reported

In the filing, Didi said in the filing that “if we get shareholder approval, we will take action to delist the ADS from the NYSE.” US depository Represents stocks offered by companies outside the United States.

Didi said Monday’s vote would require a simple majority. According to Bloomberg, the largest shareholders are SoftBank, Uber and Tencent. The company’s largest shareholder, along with Didi’s directors, owns about 48% of Didi’s, the annual report released in April. show.

According to Bloomberg and the Nikkei, Didi’s most important investors are likely to support the move to delist Didi from the NYSE. If they agree, the May documents will likely keep the company private to address Beijing’s concerns about how the company handles cybersecurity issues, according to a May document. Shareholders can trade their shares on the so-called pink sheet market, where penny shares are held, according to Bloomberg.

the company said Didi have to calm down Beijing before it can go public in Hong Kong.

Monday’s vote is expected to close a year-long debate between Didi and Beijing authorities.

Last year, Chinese regulators Didi wants to postpone listing Until we complete our data practices review. Authorities wanted Didi overhaul the system used to hold sensitive user data.

Didi ignored these demands and went public on the NYSE in June, angering Beijing. Shortly thereafter, Chinese regulators began an investigation into the company for national security reasons, Reuters reported. report. They also forced Didi out of the Chinese app store, according to Reuters.

As recently as April, Didi was still arguing with Beijing, Bloomberg said, saying government officials want tougher penalties for companies that fail to comply with Beijing’s demands. report last month.

This dispute affected Didi’s market value. At the time of her listing, she was valued at around $80 billion, but now stands at only about $7.3 billion as of Friday. Party Bloomberg.

Amid the clash with Beijing, company president Jean Liu set up his post on Twitter-like Weibo in China: private. Her observers speculated that she wanted to distance herself from Beijing’s intensified scrutiny of her company.

Going private could avoid Didi investigations by US regulators. In the same SEC filing in May, Didi said he was working with U.S. officials on an investigation related to a false listing.

Insider Inc.’s parent company, Axel Springer, is an investor in Uber.

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