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Weeks before Didi Global Inc. went public in the US, China’s cybersecurity watchdog suggested the Chinese ride-hailing giant postpone its IPO and, according to knowledgeable people, asked it to conduct a thorough self-assessment of its network security.
But waiting would be problematic for Didi. Since there was no direct order to stop the IPO, it went on.
The company, which faced investor pressure to be listed after raising billions of dollars from prominent venture capitalists, ended its “roadshow” in a matter of days in June – much shorter than typical investor talks from Chinese companies. The listing on the New York Stock Exchange raised approximately $ 4.4 billion, making it the largest share sale for a Chinese company since Alibaba Group Holding Ltd. went public. in 2014.
Back in Beijing, officials, particularly those of the Cyberspace Administration of China, remained cautious that the ride-hailing company’s files could potentially fall into foreign hands due to major public disclosure related to a U.S. listing, people said.
Didi’s American Depositary Shares began trading in New York on Wednesday, just a day before the ruling Communist Party celebrated its 100th anniversary.
