Didi has begun the process of delisting from the New York Stock Exchange and applying to list in Hong Kong instead, the company announced via a Weibo post on Friday morning.
Didi was asked to delist from the U.S. out of security fears, according to a report. Didi could not be reached for comment.
The move is not surprising. The SoftBank-backed mobility powerhouse has faced immense regulatory pressure since it failed to assure Beijing that its data practices were secure before its blockbuster IPO in July.
What is going on with China's data security?
Over the past few months, China has introduced a number of new data regulations, including rules that would bolster user privacy protection and restrict cross-border data transfers. A Didi executive previously said it was not possible for it to pass data to the U.S., just like many other U.S.-listed Chinese firms.
Didi has a market cap of $38.6 billion. At debut, its shares were over fifteen dollars, but as of Thursday they were over eight dollars.
More to come...
