Didi IPO'd in New York over regulators' objections — delisted within 18 months

Didi Chuxing, China's dominant ride-hailing platform, went public on the New York Stock Exchange in June 2021, raising $4.4 billion in the largest US listing by a Chinese company since Alibaba. The IPO was a milestone for founder Cheng Wei and for China's tech sector.

Within days, the Cyberspace Administration of China (CAC) launched a cybersecurity review of Didi, ordered app stores to remove the app, and cited data-security concerns. The timing made clear that the IPO had proceeded against the regulators' wishes, as new rules on data security and overseas listings were taking shape.

The consequences were severe. Didi's stock cratered, the company was fined 8.026 billion yuan ($1.2 billion) — the largest data-related penalty in Chinese history — and it was forced to delist from the NYSE in June 2022, just 18 months after its debut. The case became a defining example of the regulatory risk facing Chinese tech companies, and a warning that regulatory approval is not a formality — it is the business.