The Chinese ride-hailing giant said in a statement that it will not apply to list its shares on other stock exchanges before it has completed the delisting of its U.S. Depositary Shares from the New York Stock Exchange. Didi’s shares dropped more than 18 per cent at the close Monday. (The Logic)

Talking point: The news likely fuels pessimism about the future of Chinese stocks in the U.S., which saw some hope as Beijing agreed to loosen rules that p​​revented Chinese companies from sharing audited financials with U.S. securities regulators. In December, Didi announced that it would delist from the U.S. and pursue a listing in Hong Kong in March. The company’s short-lived journey in the U.S. has destroyed more than US$57 billion of market capitalization in nine months. Didi’s total revenue for the fourth quarter of 2021 fell to US$6.4 billion from US$7.3 billion, down 12.7 per cent compared with the same period a year earlier.