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Didi bows to China pressure, will delist from NYSE months after its debut

News Snapshot:

Just five months after its debut, ride-hailing giant Didi Global said it plans to withdraw from the New York Stock Exchange and pursue a Hong Kong listing, a stunning reversal as it bends to Chinese regulators angered by its US IPO. The company’s shares were down around 15% after swinging between gains and losses in premarket trading as investors initially bet the move would appease Beijing and serve as a catalyst for a revival of its business prospects at home. Shares of the company plunged by day’s end, closing down 22%.. “Following careful research, the company will immediately start delisting…

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