00:00[CC may contain inaccuracies]Seems like shareholders are going to vote in favor of this delisting. Yeah it does look like that's the case. Didi of course was supposed to be one of the great hopes for China's technology industry. They listed only eleven months ago and they raised more than four billion dollars but now they're going the opposite direction. They're de-listing in the US. This is under pressure from Beijing which was concerned about the data security within their systems and whether they had the proper licenses. So they have ordered D.D. to delist from the US. The ride hailing company originally thought that it could get a listing up in Hong Kong in time so that its shareholders could kind of move from the US over to Hong Kong. But that hasn't happened yet. So instead they're going to delist from the US into kind of no man's land. It's not clear exactly how this is going to affect many of the shareholders especially the biggest like Softbank and Tencent. Yeah. Still very much in limbo I guess half a step out the door. What does this mean then moving forward for shareholders who have been waiting and also for the company that raised quite a bit of money. Yeah well for many shareholders institutional investors in particular they're not allowed to hold shares that only trade on the pink sheet. So you'll see many big institutions just dump their shares. The shares are down 90 percent from the listing. So they've lost a huge amount of money in a very short period of time less than a year. And now they're going to have to sell a lot of their shares at this enormous loss for DDA itself. They need to figure out how they can get re listed in Hong Kong so that their shareholders who can still hold onto those shares will have some way to kind of have a publicly traded security at some point in the future. They're also trying to reassure Beijing that they've got their data security problems ironed out and that they're able to secure the licenses they need to kind of operate within that country. Again it was supposed to be the ride hailing giant within China. It was kind of the answer to Uber in the US. It was a great hope for the tech industry. And they've really gone through a very very rocky year.
