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China tech

China's Didi Global to delist from New York in favor of Hong Kong

Leading ride-hailer to make dramatic retreat after $4.4bn June IPO

Didi's shares have fallen more than 50% since its IPO, leaving it with a market capitalization of $37.62 billion.   © Reuters

HONG KONG -- Didi Global announced on Friday that it has begun the process of delisting its shares from the New York Stock Exchange and preparing for a Hong Kong listing in a dramatic retreat from its $4.4 billion U.S. initial public offering just six months earlier.

The decision was made after "careful consideration," the ride-hailing platform said in the Chinese version of its statement posted on the Weibo social network.

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