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December 30, 2021

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Didi may list in HK without raising cash

CHINA’S ride-hailing giant Didi Global plans to use a mechanism that will allow it to list shares in Hong Kong without raising capital or issuing new stock as it seeks to delist from New York, two people with knowledge of the matter said.

The plans come as Didi is moving towards withdrawing from the New York Stock Exchange.

The Hong Kong mechanism, known as “listing by introduction,” would allow owners of Didi US shares to transfer them to the HK bourse gradually, said the people.

They declined to be identified as the plan was not yet public. Didi aims to file for the Hong Kong listing by end-April and list by June, one of the people said.

The plans are being prepared six months after Didi made its debut in New York after raising US$4.4 billion in a conventional IPO. It said earlier this month that it plans to delist from the US bourse.


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