Regulators in Beijing thought ride-hailing giant Didi would pause its IPO. In New York, Didi offered assurances that Beijing had given it the green light. The disconnect is one big reason for the mess that followed.
In the final days before Didi Global Inc. went public late last month on the New York Stock Exchange, a disconnect developed between what the Chinese ride-hailing giant was telling its U.S. bankers and what was happening with China’s regulators.
The regulators in Beijing were under the impression Didi would pause its initial public offering while it addressed data-security concerns, according to people familiar with the company’s conversations with regulators. In New York, Didi offered assurances that Beijing had given it the green light, said people close to the listing process.. On June 30, the world’s largest ride-hailing platform began trading on the New York Stock Exchange.
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