.DiDi, a Chinese ride-hailing service, has applied to be delisted from the NYSE

DiDi Global, a Chinese ride-hailing company, has officially submitted its application for delisting from the New York Stock Exchange (NYSE) on June 2nd, according to ITHome (a Chinese news site). The application will be approved and the delisting will take effect immediately after 10 days, according to standard operating procedures.

On June 2nd, the business filed a Form 25 with the United States Securities and Exchange Commission to delist its American Depositary Shares.

DiDi Global scheduled an extraordinary general meeting (EGM) on May 23rd, 2022, to consider if the business should delist from the NYSE due to mounting external and internal concerns. According to the firm, 96.26 percent of shareholders who were present and voting voted in favour of DiDi's American Depositary Shares being delisted from the NYSE.

Members holding approximately 811.44 million shares of the 1.2 billion shares outstanding as of April 28 this year voted in the EGM.

According to Reuters, DiDi has struggled to get its company back on track after enraging Chinese officials by proceeding with its $4.4 billion New York debut despite being requested to postpone it in June last year.

China's strong internet authority, the Cyberspace Administration of China (CAC), initiated a cybersecurity examination into DiDi's data practises days after the business went public on the NYSE, and ordered app shops to delete 25 DiDi-operated mobile applications.

"It's the stockholders' only alternative." "If they (DiDi) persevered in their disobedience to the Chinese government, they were going to be in purgatory," said Thomas Hayes, chairman of Green Hill Capital, according to Reuters.