Beijing has asked Didi, the world’s largest ride-hailing company, to delist from the United States, according to a report.

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Beijing has asked Didi, the world’s largest ride-hailing company, to delist from the United States, according to a report.

According to a report published Friday, Chinese regulators have requested Didi, the world’s largest ride-hailing company, to develop a strategy to delist from the US due to data concerns, as Beijing continues to scrutinize domestic tech titans.

Several of China’s largest companies, including Alibaba, Tencent, and Meituan, have been swept up in a regulatory crackdown that has cut the wings of major internet giants holding immense influence over customers’ daily lives over the past year.

Didi Chuxing’s massive New York debut in June was swiftly overshadowed by a Chinese cyber watchdog inquiry into cybersecurity, which began only days after the listing.

According to people familiar with the situation, Chinese regulators now want Didi’s management to delist the firm from the New York Stock Exchange due to concerns over sensitive data leaking.

Privatization or a Hong Kong stock market float are two options mentioned in the research.

According to the sources, China’s Cyberspace Administration, which regulates data security, has asked the corporation to work out the details subject to government approval.

The move is a further setback for Didi, which raised $4.4 billion in its New York IPO, the largest by a Chinese company in the United States since Alibaba in 2014.

The state’s crackdown on digital companies has hit the ride-hailing company particularly hard, with its service being removed from app stores in July and government officials conducting on-site inspections at its facilities due to “national security” concerns.

Didi, which was founded in 2012 by Cheng Wei, a former executive at Chinese e-commerce giant Alibaba, has dominated the local ride-hailing business since defeating Uber in a costly turf war in 2016.

The app claims to have over 15 million drivers and nearly 500 million users, and it is frequently the quickest and easiest way to hail a cab in China’s congested cities.

Bloomberg noted on Friday that the delisting might be part of a slew of consequences for Didi, which outraged Chinese officials by proceeding with its US IPO against Beijing’s objections.

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