The stock of Didi Global Inc (NYSE:DIDI) is expected to be in sharp focus this morning after it emerged that today the shareholders are expected to vote in favor of delisting the company’s shares in New York.
Trading Data
On Friday, DIDI stock moved down 6.83% to $1.50 with 74.62 million shares, compared to a volume of 56.52 million shares. The stock moved within a range of $1.4800 – 1.6200 after opening trade at $1.62.
Key Details
As it happens, the Didi stock had already gone into a downward spiral last Friday and had recorded a decline of as much as 7%. In this regard, it should be noted that the delisting is going to help end a period of 11 months during the course of which as much as $560 million in market value had gone up in smoke.
The staggering downward spiral in the ride-hailing company’s stock had also become a representation of the actions against the tech sector by the Chinese government. The general meeting in question is going to take place in Beijing and during that meeting, some of the biggest investors in Didi like Ube and Tencent Holdings are going to vote in favor of a delisting.
Once the delisting from New York is officially completed, the company will then be able to float its shares in Hong Kong. It has been suggested that it was possibly the best outcome investors could aspire for.
Technical Data
DIDI stock is trading below the 20-Day and 50-Day Moving averages of $1.73 and $2.29 respectively. Moreover, the stock is trading below the 200-Day moving average of $5.64.
