The Chinese Uber, Didi Chuxing, invited its shareholders to an unprecedented vote on Saturday. On May 23, they will have to decide on its exit from the Wall Street Stock Exchange. For several months the company has suffered the wrath of Beijing, angry at not having been listened to, nor privileged during the introduction of Didi. Quite unconscious is the Chinese company which would not listen to the ” recommendations ” party.
Didi’s disobedience cost him dearly
On June 30, 2021, Didi went public in the United States. Since then, the Chinese government has continued to put pressure on the company. It multiplies investigations and sanctions, even if it means jeopardizing one of its digital flagships. Banned from app stores in the Middle Kingdom, it lost 30% of its users.
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On Saturday, it announced a 12.7% drop in its turnover, suffering a deficit of $ 27 million in the fourth quarter of 2021. Valued at $ 67 billion almost a year ago, its value was divided by 7 since.
Since its IPO at the end of June 2021, the price of Didi has been in constant decline. Credit: Google
Anticipating his departure from Wall Street, Didi had started a procedure to run aground in Hong Kong. But the Chinese government is not done and has cited cybersecurity shortcomings. Result: Hong Kong will wait.
For 18 months, the Chinese authorities have undertaken a vast campaign of repression of the digital sector. If Ant Group, Alibaba’s flagship, had been a privileged target, its danger is too risky economically. Didi Chuxing seems to make an easier scapegoat to break.