Didi, a well-known giant, was removed from the New York Stock Exchange | Business and Economy

The move comes after the company clashed with Chinese officials over pushing for a $ 4.4bn US IPO in July.

Ride-hailing chief expert Didi Global said on Friday it would remove from the New York Stock Exchange and follow up on the list in Hong Kong, subject to pressure from Chinese authorities on data security.

It’s running against Chinese officials pushing forward with a $ 4.4bn US IPO in July even though it was asked to stop when a review of its data systems took place.

The powerful Cyberspace Administration of China (CAC) then ordered software vendors to remove 25 mobile devices used by Didi and also ordered the company to stop registering new users, with regard to national security and public interest. Didi is still under investigation.

“After a thorough investigation, the company will immediately begin deregulating the New York stock exchange and begin planning to register in Hong Kong,” Didi said on his Twitter account as Weibo.

He later stated in another English language that his committee had approved the move.

“The company is convening a meeting of shareholders to vote on this issue at a later time, following the appropriate procedures,” it said.

Sources told Reuters that Chinese authorities had pressured Didi officials to file a withdrawal order from the New York Stock Exchange due to concerns over data security.

“Didi’s plan to withdraw from the United States and the list of shares in Hong Kong I believe will affect the future decisions of major technology companies,” said Kenny Ng, a security expert at Everbright Sun Hung Kai in Hong Kong.

“At the same time, this event leads the market to believe that the management of the technical market on the surface will continue, as well as the decline in technical prices that have been reported in Hong Kong today demonstrates this.”

Sources told Reuters that Didi was planning to restart its programs in the country by the end of the year in the hope that Beijing’s investigation into the company could be completed.

The CAC did not immediately respond to a request for comment on Didi’s decision to remove New York.

Didi made its debut in New York on June 30 for $ 14 on American Depositary Share, which cost the company $ 67.5bn on a non-discount basis. Shares fell 44 percent until Thursday end Thursday, to $ 37.6bn.

Shares in Investor Didi SoftBank Group Corp fell more than 2 percent after Didi’s announcement, as well as the heartbreak and collapse of the biggest Grab giant in the Nasdaq for the first time.

SoftBank Vision Fund owns 21.5 percent Didi, followed by Uber Technologies Inc and 12.8 percent, according to Didi’s June report.