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China’s Didi plans Hong Kong ‘listing by introduction’, picks banks – sources

China’s ride-hailing giant Didi Global plans to use a mechanism that will allow it to list shares in Hong Kong without raising capital or issuing new stock as it seeks to delist from New York, two people with knowledge of the matter said. The plans come as Didi is moving towards withdrawing from the New York Stock Exchange under pressure from Beijing after running foul of Chinese authorities by pushing ahead with an initial public offering (IPO) there earlier this year despite being asked to put it on hold while a review of its data practices was conducted. The Hong Kong mechanism, known as ‘listing by introduction’, would allow owners of Didi U.S. shares to transfer them to the city’s bourse gradually, said the people.