Didi’s 5 troubled months since listing in New York

Chinese ride-hailing giant Didi Chuxing said on Friday that it will start the process of delisting from the New York Stock Exchange and move forward with plans for a Hong Kong initial public offering (IPO).

Beijing-based Didi was founded in 2012 by Alibaba alumnus Cheng Wei, who owned 7 per cent of the shares and controlled 16.2 per cent of its voting power ahead of the New York listing.

In recent years, the company has emerged as a tech giant that dominates China’s ride-hailing market,…

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