Chinese ride-sharing giant DIDI said it would begin an exit process from the New York Stock Exchange, and planned to list in Hong Kong instead.
The stock fell sharply last week after reports that Chinese regulators had knocked on its door. Chinese travel giant Didi is reportedly leaving the New York Stock Exchange over fears of leaking sensitive information.
Didi drew the ire of regulators when she pushed with the IPO in New York without solving prominent cybersecurity issues that authorities wanted to solve. Didi is the largest travel app in China and holds a lot of data on routes and users.
Didi's announcement comes less than 24 hours after the U.S. Securities and Exchange Commission set the rules allowing it to neutralize foreign stocks for failing to comply with audit requirements.
Didi shares have plunged 44 percent since the June 30 IPO, closing at $7.80 on Thursday.