INSUBCONTINENT EXCLUSIVE:
Chinese regulators have asked top executives of ride hailing giant Didi Global Inc to devise a plan to delist from United States bourses on
data security fears, Bloomberg News reported.China's tech watchdog wants the management to take the company off the New York Stock
Exchange on concerns about leakage of sensitive data, the report said, citing people familiar with the matter.Didi and the Cyberspace
Administration of China did not respond to Reuters requests for a comment
Shares in SoftBank Group Corp, which has a minority stake in Didi, fell more than 5%.Proposals under consideration include a straight up
privatization or a share float in Hong Kong followed by a delisting from the United States, according to the news report.If the
privatization proceeds, shareholders would likely be offered at least the $14 per share IPO price, since a lower offer so soon after the
June initial public offering could prompt lawsuits or shareholder resistance, the report said, citing sources.Didi ran afoul of Chinese
authorities when it pressed ahead with its New York listing in June, even though the regulator had urged the company to put it on hold while
a cybersecurity review of its data practices was conducted, sources have told Reuters.Soon after, the CAC launched an investigation into
Didi over its collection and use of personal data
It said data had been collected illegally and ordered app stores to remove 25 mobile apps operated by Didi.Didi responded at the time by
saying it had stopped registering new users and would make changes to comply with rules on national security and personal data protection,
and would protect users' rights.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published
