Chinese regulators suggested Didi delay its US IPO.

Weeks before Didi Global Inc. went public in the US, China’s cybersecurity watchdog suggested that the Chinese private transportation giant would delay its initial public offering and urged it to conduct a comprehensive security self-examination. from your network, according to people with knowledge of the matter.

But for Didi, waiting would be problematic. In the absence of an outright order to stop the IPO, it went ahead.

The company, facing pressure from investors to list after raising billions of dollars from prominent venture capitalists, wrapped up its pre-offering “tour” in a matter of days in June, much shorter than typical. speeches for investors made by Chinese companies. The listing on the New York Stock Exchange raised about $ 4.4 billion, making it the largest share sale for a Chinese company since the IPO of Alibaba Group Holding Ltd. in 2014.

Back in Beijing, officials, especially those from the China Cyberspace Administration, were wary of treasures of data from the ride-sharing company that could fall into foreign hands as a result of increased public disclosure associated with a listing in USA, the people said.

Didi’s US depositary shares began trading in New York on Wednesday, just one day before the ruling Communist Party celebrated its centennial.

Source: WSJ

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