According to Reuters, the U.S. Securities Exchange Commission will investigate Didi Global over its $4.4 billion initial public offering in the U.S. in June last year.

In its annual filing on Monday, the Chinese ride-hailing giant said that it was cooperating with the U.S. securities regulator regarding the investigation related to the offering.

Reuters cited Didi, saying, “We cannot predict the timing, outcome or consequences of such an investigation.”

Reuters reported that last summer, China’s authorities told the firm to put the listing on hold over data privacy concerns when it planned to list its stocks in the U.S.

However, Didi still went ahead. On June 30, 2021, the company listed on the New York Stock Exchange under the stock ticker Didi, and raised 4.4 billion dollars at a nearly-70-billion-dollar valuation. Didi became the second-largest Chinese stock offering in the U.S. after Alibaba.

But days later, the Cyberspace Administration of China announced a cybersecurity review of Didi. The powerful watchdog then suspended its new user registrations and ordered to remove Didi’s 25 apps from the store shelves.

Recently, the China Securities Regulatory Commission has said that Didi Global’s delisting from the New York Stock Exchange would not concern other U.S.-listed Chinese stocks.

According to Bloomberg, Didi announced its plan to withdraw from the New York Stock Exchange last December and pursued a Hong Kong listing around the summer of this year.

But after the company delayed its listing in Hong Kong in March, its shares dropped 44%.

Earlier this month, Didi announced that it would hold an extraordinary general meeting on May 23, in which the shareholders would vote for its delisting plans in the United States.

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