Didi has begun informal discussions with the Hong Kong stock exchange about a public listing, according to two people familiar with the situation, as the Chinese ride-hailing leader tries to return home after its disastrous IPO in New York.
Chinese regulators in effect crashed Didi’s business in the days after its US debut last June, ordering its apps to be deleted from mobile-app stores and launching investigations into how it handles data. Didi’s shares, which began trading at $14, are now worth $4.50, having lost more than $40bn in market value.
A listing in Hong Kong is now critical for the group, after which it will start the delisting process in the US, offering holders of its US shares a one-for-one swap with its HK shares, according to one big Didi investor.