Salem Radio Network News Thursday, January 20, 2022

Science

Didi bars employees from selling shares indefinitely – FT

(Reuters) – Chinese ride-hailing giant Didi Global Inc has barred current and former employees from selling shares of the company indefinitely, the Financial Times reported on Monday, citing people familiar with the matter.

The 180-day lock-up period post the company’s initial public offering during which current and former staff were not permitted to sell shares was supposed to end on Dec. 27, but the prohibition has been extended without a new end date, the report said.

Employees will not be able to sell shares until after the company has listed in Hong Kong, according to the report.

Didi did not immediately respond to a Reuters request for comment.

The company has been the target of a regulatory crackdown in China that has forced the Beijing-based ride-hailing giant to announce plans to delist from the New York Stock Exchange and pursue a Hong Kong listing.

The powerful Cyberspace Administration of China told the company to stop registering new users shortly after its NYSE debut in June. Its apps remain under investigation.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

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