DiDi Global Retreats
Ride-hailing giant DiDi Global is considering going private after a series of regulatory actions by China's central government took it off major app stores, cratering its stock price. The company went public on US markets in the middle of 2020. The wallowing stock price hit investors like SoftBank, which is planning to sell about a third of its stake in Uber to cover its loses. (Fortune)
Ride-hailing giant Didi Global is considering going private in order to placate authorities in China and compensate investors for losses incurred since the company listed in the U.S. in late June, according to people familiar with the matter.
The Beijing-headquartered company has been in discussions with bankers, regulators and key investors about how it could resolve some of the problems that emerged after Didi listed on the New York Stock Exchange on June 30, the people said. A take-private deal that would involve a tender offer for its publicly traded shares is one of the preliminary options being considered, they added.