Struggling ride-hailing firm Didi has blocked current and former employees from selling company shares indefinitely, another sign of trouble at the company that has been under massive regulatory scrutiny after its New York listing earlier this year, reports the Financial Times. December 27 was supposed to mark the end of a 180-day period during which current and former staff were not permitted to sell shares, but the prohibition has been extended without a new end date being set, according to people familiar with the matter.
The change is the latest setback for employees of the group, which has lost 60% of its value, or about $38bn in stock market capitalization, since its $4.4bn initial public offering in New York in June. Chinese authorities launched an investigation into Didi’s data security practices days after the company went public and the group announced this month it would delist from the US and pursue a listing in Hong Kong.
The company remains unable to sign up new users and China’s cyberspace regulator ordered app stores to remove 25 of its other apps, including those that register new drivers.