Chinese technology firms are coming under intense pressure at home and abroad, as evidenced by the stock market debut of social media giant Weibo.
The shares fell in the first few minutes of trading.
The firm is listed in both the US and Hong Kong.
Didi said it will move its listing to Hong Kong from the US.
The secondary share listing in Hong Kong raised $385m.
In the last six months, the company's US-listed shares have lost a third of their value.
During the Trump administration, trade tensions between the US and Beijing increased significantly, and there is little sign of that decreasing under President Biden.
Chinese companies that have their shares listed in the US have found themselves caught in the middle of the ongoing spat between the world's two biggest economies.
The technology industry has come under scrutiny by Beijing in recent months.
The US Securities and Exchange Commission has finalized rules that would mean that foreign companies listed in the US can be delisted if their auditors don't comply with requests for information from regulators.
Chinese firms are looking for alternative sources of funding if they have to take their shares off the US stock markets.
If all Chinese companies are forced to delist from US exchanges, it will be disastrous. Despite the intense competition between the two countries, they need to be interdependent financially, economically, technologically, socially, and culturally, according to the managing director of China Money Network in Hong Kong.
Didi Global said last week that it would take its shares off the New York Stock Exchange and move its listing to Hong Kong.
Didi's app was pulled from online stores in China after the country's internet regulators said it illegally collected users' personal data.
Didi's announcement that it was planning to delist in the US came just hours after the SEC announcement that it was moving ahead with its efforts to remove Chinese firms from US stock exchanges for not complying with new accounting rules.
Didi's shares have fallen by more than 50% since they started trading in New York.
"For now, Weibo should be safe, but it depends on if Chinese and American regulators can work through their differences to reach a solution on access to auditing documents."
The firm is known in China as the country's version of the social networking site.
It has more than half a billion monthly users, which is more than the total number of users on the micro-messaging service.
China's second biggest social media platform is the company.
China has more than 900m users of social media.
China has a huge growth potential for domestic social media firms because major US platforms are blocked there.
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