China's Didi Global plans to hire Goldman Sachs for its planned Hong Kong listing and U.S. delisting, said three sources with knowledge of the matter, as it moves to withdraw from the New York exchange after just five months.
for its planned Hong Kong listing and U.S. delisting, said three sources with knowledge of the matter, as it moves to withdraw from the New York exchange after just five months.
Didi, which made its debut in New York on June 30 after raising $4.4 billion via an initial public offering , said last week that it plans to delist from the U.S. bourse and pursue a Hong Kong listing.The company is under pressure from Beijing to quit the New York Stock Exchange after running foul of Chinese authorities by pushing ahead with its IPO despite being asked to put it on hold while a review of its data practices was conducted.
Given the short time since its New York debut, Didi will have to apply for a dual-primary listing in Hong Kong, instead of a secondary one which requires at least two financial years of good regulatory compliance on another qualifying exchange. The company, sometimes dubbed the Uber of China, has also asked the Wall Street investment bank to come up with proposals on how a Hong Kong listing and New York delisting would work, said two of the sources.
Didi did not respond to a Reuters request for comment. Goldman declined to comment. The sources were not authorised to talk to the media and therefore declined to be identified.
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