Brave investors might salvage value from Didi Global's wreckage. Shareholders voted to delist China's ride-hailing firm from the New York Stock Exchange, capping a disastrous 11-month journey that wiped 90% off Didi’s valuation since its initial public offering.
A driver of Chinese ride-hailing service Didi drives with a phone showing a navigation map on Didi's app, in Beijing, China July 5, 2021. REUTERS/Tingshu Wang - RC24EO9UW3RMHONG KONG, May 24 - Brave investors might salvage value from Didi Global's wreckage. Shareholdersto delist China's ride-hailing firm from the New York Stock Exchange, capping a disastrous 11-month journey that wiped 90% off Didi’s valuation since its initial public offering.
Didi's fate now lies with China’s cybersecurity regulator, which is investigating the company over data practices. App stores have taken down Didi's services while existing offerings are banned from registering new users. The companyThe optimistic scenario is that regulators will allow Didi to resume operations and relist in Hong Kong. At the current $7 billion market capitalisation, Didi is trading at less than half its book value.are huge, though.
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