Chinese regulators suggested Didi delay his US IPO

Weeks before Didi Global Inc. went public in the US, the Chinese cybersecurity watchdog suggested the Chinese ride-hailing giant delay its first public offering and urged it to conduct a thorough self-examination of its network security, according to people with knowledge of the matter.

But for Didi, waiting would be problematic. In the absence of an outright order to stop the IPO, it went ahead.

The company, which was pressured from investors to make the list after raising billions of dollars from prominent venture capitalists, completed its pre-offer roadshow in June in a matter of days, much shorter than typical investor pitches by Chinese investors. businesses. Its listing on the New York Stock Exchange raised approximately $4.4 billion, making it the largest share sale for a Chinese company since the IPO of Alibaba Group Holding Ltd. in 2014.

Back in Beijing, officials, especially those in China’s Cyberspace administration, remained wary of the vast amounts of company data that could potentially fall into foreign hands as a result of increased disclosure associated with a US listing, the people said.

Didis’s US deposit stock began trading in New York on Wednesday, a day before the ruling Communist Party celebrated its centenary.