Chinese regulators have suggested Didi delay its initial public offering in the United States

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Weeks before Didi Global Inc. To go public in the United States, China’s cybersecurity watchdog has suggested the Chinese carrier delay its initial public offering and urged it to conduct a thorough self-examination of its network security, according to people familiar with the matter. .

But for Didi, waiting would be a problem. In the absence of an express order to stop the underwriting, it was moved forward.

The company, which is facing pressure from investors to list after raising billions of dollars from prominent venture capitalists, concluded its “promotion” within days in June – much shorter than the typical investor offers offered by Chinese companies. The listing on the New York Stock Exchange raised about $4.4 billion, making it the largest share sale for a Chinese company since the initial public offering of Alibaba Group Holdings in 2014.

Back in Beijing, officials, especially those in China’s cyberspace administration, have remained wary of the airline’s data set potentially falling into foreign hands as a result of greater public disclosure associated with a listing in the United States, the people said.

US Depository Didi shares began trading in New York on Wednesday, just a day before the ruling Communist Party celebrates its centenary.

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