(Bloomberg) — Didi Global Inc. plunged 44% on Friday after the company suspended preparations for its planned Hong Kong listing.
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The decision came as the Cyberspace Administration of China informed executives of the ride-hailing giant that their proposals to prevent security and data leaks had fallen short of requirements, according to people familiar with the matter. Didi’s main apps, removed from local app stores last year, will remain suspended for the time being, said one of the people, who asked not to be identified as the information is private.
The company and its bankers have halted work on the Hong Kong listing originally slated for around the summer of this year, the people said. In addition to dealing with the CAC review, Didi is also working to finalize its fourth-quarter results as required for a listing prospectus, they said.
Didi’s American…
