22.6 C
Sierra Leone
Monday, May 23, 2022

Didi is facing an SEC probe into its botched IPO, company says

The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, “subject to strict compliance with applicable [Chinese] laws and regulations.”

“We cannot predict the timing, outcome or consequences of such an investigation,” the company added.

The SEC didn’t immediately respond to requests for comment after business hours. Didi didn’t immediately respond to a request for comment.

Didi launched a much-anticipated $4.4 billion initial public offering on the New York Stock Exchange on June 30, 2021, the biggest US share offering by a Chinese firm since Alibaba’s blockbuster debut in 2014.
But days later, the Chinese government banned Didi from app stores in the country and launched an investigation into its handling of customer data. Authorities from the powerful…

Read more…

Related Articles

Latest Articles