Ride-sharing giant Didi signed up for the New York Stock Exchange just five months ago. Now the company has changed its decision. Didi has taken the initiative to leave the New York Stock Exchange and join the Hong Kong Stock Exchange.
Following Didi’s announcement on Friday, the stock market plunged by more than one-fifth. Didi’s market value has dropped by $ 8.4 billion.
Didi announced from its own account on Weibo that after much research, Didi would be out of the New York Stock Exchange immediately. And will start preparations for enlisting with Hong Kong Stock Exchange.
Didi’s decision will leave investors in Chinese companies uncertain about the US stock market. Shares of Alibaba, Baidu and other Chinese companies have already fallen in this connection. Investors will think 10 times before investing in Chinese companies in the future. Reuters described Didi’s decision as “surprising”.