China-based ridesharing know-how platform DiDi will delist from the New York Stock Exchange and pursue an inventory on the Hong Kong trade, in line with a number of studies and a press launch from the corporate.

Without naming the brand new trade, DiDi mentioned current shares “will be convertible into freely tradable shares” on one other trade, in line with a press launch late Thursday. The new trade is in Hong Kong, a metropolis which has misplaced plenty of independence from mainland China over the course of the previous few years.

DiDi, which operates in Central America, Africa, the Asia Pacific, Russia, and China, was first listed on the New York Stock Exchange this previous summer time in a transfer that reportedly angered Communist Party officers in Beijing, in line with Bloomberg News.

From Bloomberg:

Didi is aiming to file for the Hong Kong itemizing round March, folks with information of the matter mentioned, asking to not be recognized because the plans haven’t been made public. Based on the traditional course of in Hong Kong, it might purpose for a summer time itemizing if all the things goes easily. The firm didn’t instantly reply to a request for remark.

The unprecedented transfer underscores the depth of Beijing’s concern concerning the potential leakage of delicate information to its geopolitical rival, as properly because the extent to which the federal government will go to punish Didi for contravening its needs.

Officials in Beijing had been reportedly most involved about DiDi’s independence and will not have obtained approval from the Chinese authorities earlier than it was listed in New York.

The uncommon delisting is simply one of many newest tensions within the New Cold War, which has seen each China and the U.S. institute outright bans on numerous firms from doing enterprise of their respective nations. The situation of “national security” is usually invoked, particularly when know-how is concerned.

China’s Huawei was on the receiving finish of American bans over the previous 5 years, largely as a result of the telecom firm was increasing rapidly across the globe. The U.S. banned Huawei tools from America’s 5G rollout, following within the footsteps of different New Cold Warrior nations like Australia.