Didi Global Shares Down 7% On News It Will Delist From U.S. Exchange

Shares of ride hailing and food delivery company Didi Global are collapsing in U.S. pre-market trading on news that Chinese regulators have asked the company to delist from U.S. bourses.

Didi’s American depositary shares traded at $7.52 U.S. in New York, down 7.2% from the previous close.

Regulators have asked the company’s top management to remove the firm from the New York Stock Exchange on worries over security, according to widespread media reports.

Didi Global has not commented on news that Chinese regulators had asked it to delist its stock.

Didi has struggled since its U.S. initial public offering (IPO) in July of this year after Chinese regulators launched multiple investigations into the company amid a crackdown on technology firms. The stock last closed at $8.11 U.S., down 42% from its offer price of $14 U.S.