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China tech

China's Didi Global warns U.S. delisting key to restoring business

Beijing shut two dozen of ride hailer's app services over cybersecurity concerns

Chinese ride-hailing service Didi's headquarters in Beijing: The company will hold shareholder vote on May 23 on its plan to delist from the New York Stock Exchange.   © Reuters

HONG KONG -- Embattled ride-hailing company Didi Global has cautioned shareholders that winning their support for a planned U.S. delisting was a must before it can complete a Chinese cybersecurity review and restore its app-based services.

Chinese regulators barred 26 of Didi's apps from taking on new customers and forced it out of local app stores as the company pushed ahead with a $4.4 billion initial public offering in New York last June -- despite Beijing's warning that it could pave the way for U.S. regulators to gain access to sensitive domestic data.

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