Didi Global Inc (DIDI.N) announced in a statement on Saturday that it will convene an extraordinary general meeting (EGM) on May 23 to vote on its delisting plans in the United States.
The company also stated that it will not apply to list its shares on any other stock exchange until its American Depositary Shares have been delisted from the New York Stock Exchange (NYSE).
It also stated that it will continue to investigate appropriate solutions, including the possibility of listing on another internationally recognized exchange.
Didi started in December that it would delist from the New York Stock Exchange and seek a Hong Kong listing after running afoul of Chinese officials by proceeding with its $4.4 billion IPO last year.
According to Reuters, Chinese officials ordered the company to put its IPO on hold while it performed a cybersecurity examination of its data procedures.
The country’s strong cyberspace watchdog ordered app shops to remove 25 Didi-operated mobile apps and warned the business to cease registering new customers just days after it went live, citing national security and the public interest.
Didi’s decision was made independently, according to China’s securities regulator, and had nothing to do with other U.S.-listed Chinese stocks or ongoing efforts between Chinese regulators and their U.S. counterparts to resolve an audit dispute affecting U.S.-listed Chinese firms, according to the statement.
Didi’s overall income for the quarter ending December 31, 2021, dropped to 40.8 billion yuan ($6.40 billion) from 46.7 billion yuan a year before, according to a separate statement released on Saturday.