Chinese ride-hailing giant Didi Global will delist from the New York Stock Exchange, after a majority of the company’s shareholders voted in favor of the plan, putting to rest a year-long clash with Beijing over its US stock market listing, reports Reuters.
In an extraordinary general meeting (EGM) held on Monday, 96.26% of shareholders who were present and voting, voted in favor of delisting Didi’s American Depositary Shares from the NYSE, the company said.
Of the 1.2 billion shares outstanding as of April 28 this year, members holding roughly 811.44 million shares cast their votes in the EGM. “It’s the only option for shareholders. They were going to be in purgatory if they (Didi) persisted in their disobedience to the Chinese government,” said Thomas Hayes, chairman of Green Hill Capital.