China News Service, Beijing, December 3 (Reporter Xia Bin) Didi Travel (hereinafter referred to as "Didi") officially announced on the 3rd that after careful study, the company will start delisting on the New York Stock Exchange and start Preparations for listing in Hong Kong.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, said in an interview with a reporter from China News Agency that the delisting of Didi's U.S. stocks needs to protect the rights and interests of investors.
On June 30 this year, Didi was listed on the New York Stock Exchange at a closing price of US$14.14. As of the close of US stocks on December 2, Didi’s share price was reported at US$7.8, with a market value of US$37.621 billion.
"Didi's delisting from the NYSE must follow the NYSE delisting process." Tian Lihui pointed out that first through the shareholders meeting, and then implement specific rules and requirements, including the protection of investor rights, etc., all need to be carefully considered. problem.
He also pointed out that the current emphasis on cross-border coordinated supervision, Didi's delisting work is also responsible for submitting relevant explanations to China's regulatory agencies, so that the Chinese side can understand some of the latest trends in Chinese company financing.
Regarding the specific plan of Didi's delisting from the U.S. stock market, industry insiders speculate that one is to repurchase shares at a premium of about 10% above the market price through privatization and then delist. After Didi's Hong Kong listing, Didi's stocks will be converted into its stocks on the Hong Kong Stock Exchange according to specific plans and measures.
"As far as I know, there is no special time requirement for starting a listing in Hong Kong. According to the rules, Didi can start listing in Hong Kong at any time, and even start listing in Hong Kong without delisting from the NYSE. The process of progress." Tian Lihui said.
(over)