NEW YORK, Dec 5 — The Chinese ride-hailing giant Didi Chuxing’s announcement that it will delist its shares from the New York Stock Exchange marks the end of a cushy relationship between Wall Street and Chinese tech giants, who are under siege from authorities in Beijing and regulators in...
NEW YORK, Dec 5 — The Chinese ride-hailing giant Didi Chuxing’s announcement that it will delist its shares from the New York Stock Exchange marks the end of a cushy relationship between Wall Street and Chinese tech giants, who are under siege from authorities in Beijing and regulators in America.
Shares in Alibaba — whose arrival on Wall Street in 2014 to a loud fanfare kicked off the parade of Chinese firms listing in the Big Apple — fell to their lowest level in nearly five years as rumours circulated that, after Didi leaves, Alibaba might be next. The move is aimed primarily at Chinese firms, and requires them to disclose whether they are “owned or controlled” by a government.
“Some funds can only have shares that are traded on US markets,” said Gregori Volokhine, president of Meeschaert Financial Services. “This is what is putting pressure on shares.” The Chinese government has also tightened regulations on companies that offer families private tutoring. This has hurt companies listed in New York.
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