China’s ride-hailing giant Didi Global denied a media report that is considering going private to appease Chinese regulators and compensate investors after a series of crackdowns wiped out a big chunk of its market value, reported Caixin.
“The report about Didi’s privatization is not true,” Didi said in a statement on its official social media account. “The company is actively cooperating with regulators on the cybersecurity review.”
The Wall Street Journal reported that Didi has been in discussions with bankers, regulators and key investors about ways to resolve regulatory woes, including the option of going private. Citing people with knowledge of the matter, the newspaper said a take-private offer could be funded partly or mostly with money that Didi raised in its initial public offering (IPO) last month in New York.