Didi’s US departure shifts IPO train into reverse

Ridehailing leader Didi Global is planning to pull its New York-listed shares and go public in Hong Kong as competing US-China regulatory agendas leave Chinese companies with little room to maneuver.

A recent surge in Chinese companies listing in the US came to an abrupt halt over the summer as Beijing’s tech crackdown intensified. Valued at nearly $68 billion in its IPO, Didi was the largest of a cohort that also included trucking platform Full Truck Alliance and real estate heavyweight Beike.

The SEC took a step closer to delisting Chinese firms on Thursday by finalizing rules that require foreign companies to open their books to US regulatory oversight. SEC Chair Gary Gensler wrote in a September op-ed that 270 companies in China and Hong Kong could be booted from US exchanges by early 2024 if they do not comply.