Illustration: Sarah Grillo/Axios
DiDi Global (NYSE: DIDI), the Chinese ride-hail giant, said that it plans to delist its shares in the U.S. before applying to list on an alternate exchange.
Why it matters: This has become one of the IPO market's most colossal busts, with more than $57 billion of market cap destroyed in just nine months. And it could have been avoided, had DiDi executives not miscalculated the resolve of Chinese regulators.
Details: DiDi said it will hold an extraordinary general meeting on May 23 to vote on the NYSE delisting, adding that its Q4 net loss grew by 95% year-over-year and that its revenue fell by 13%.
The bottom line: This casts a further pall on Chinese equities in the U.S., which recently got some hopeful glimmers when Beijing agreed to loosen rules that effectively prevented Chinese companies from sharing audited financials with American securities regulators.