bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Coco Feng

Che Pan

Peggy Sito

Didi Global said it would commence the process of removing its stock from the New York Stock Exchange for a listing in Hong Kong, as China’s dominant ride-hailing service operator makes an unprecedented exit from the world’s largest capital market five months after Chinese regulators opened a probe into the company.
“After careful study, the company will start the work of delisting from NYSE and initiate preparation for listing in Hong Kong with immediate effect,” Didi Chuxing said in a one-line Chinese statement on its official Weibo account on Friday.
In a separate corporate statement in English, Didi said the plan includes converting the American depositary shares (ADSs) from the NYSE “into freely tradeable shares” on another exchange. The company added that it will organise a meeting for shareholders to vote on the issue “at an appropriate time in the future”. Meanwhile, Didi is “pursuing a listing of its class A ordinary shares on the Main Board of the Hong Kong stock exchange.”
Beijing has started on-site cybersecurity inspection of Didi Chuxing
“The most sensible route for Didi should be to seek a Hong Kong listing first and then offer the conversion from ADSs to Hong Kong tradeable shares to US shareholders in the US privatisation and delisting process,” said Chen Weiheng, partner and head of China practice at Wilson Sonsini. “This would avoid the sensitive pricing issue and also reduce cash requirement in the privatisation.”
The company did not state a reason for the delisting, but the announcement comes after the Cyberspace Administration of China (CAC) opened a cybersecurity review of the company on July 2, two days after its US$4.4 billion IPO. Soon after, the CAC launched cybersecurity reviews into other companies and Beijing has introduced new rules for listing overseas.
Soon after the probe was announced, Didi’s main app was barred from taking new customers, and dozens of its apps were eventually removed from app stores. A joint government consortium, which included the Ministry of State Security, later started conducting the investigation on company premises.
Didi’s shares opened on Friday 2 per cent lower at US$7.65 in New York, giving all of their 13 per cent pre-market gains, and more. The stock recently changed hands at US$6.92, 11.3 per cent down.
Chen said that Didi “can initiate the HK listing process any time, but presumably they will need the year-end financials before they can make the application next year”.
“Also, in addition to the HKEX and SFC (Securities and Futures Commission) review process, the review and clearance process with Cyberspace Administration of China will also be an important factor on the timetable for this case,” he added.


Didi’s delisting is one of the more severe consequences of Beijing’s tightened control over the country’s technology sector, and it could have significant implications for Chinese tech firms seeking to list in the US, a popular market for such companies.
China’s crackdown on internet platforms has created a “climate of uncertainty and fear” because the process “has been non-transparent”, said Arthur Kroeber, the head of research at Gavekal. “Over time, this is going to have a negative effect on dynamism in the Chinese private sector.”
Listing in Hong Kong might also require Didi to restructure the company, according to Luo Zhiyu, a partner at DeHeng Law Offices, who specialises in cross-border IPOs, mergers and acquisitions. “Hong Kong is more strict for IPOs in terms of regulation,” he said.
Under the Hong Kong exchange’s “narrowly tailored” principle, Didi’s variable interest entity structure, which allows an investor to have a controlling interest without equity holding, may be deemed unnecessary, according to Luo.
China’s Didi probe is on national security grounds, Xinhua says
Beijing’s regulations for tech firms to pursue offshore IPOs have become much stricter since the CAC, China’s top internet watchdog, proposed an amendment in July to the “Measures for Cybersecurity Review”. The changes would require technology platform operators handling the data of more than 1 million users to apply for a review from the Cybersecurity Review Office, under the CAC, if they plan to list in a foreign market.
Last month, the CAC drafted another document asking for a cybersecurity review into mainland companies seeking Hong Kong IPOs.
Multiple mainland tech firms have cancelled or postponed IPO plans in the way of rising cybersecurity scrutiny. The South China Morning Post reported earlier that Didi became the subject of a cybersecurity review because it had “forced its way” to a US listing in the face of government concerns.


Didi’s decision to delist also came as the Securities and Exchange Commission (SEC) adopted final amendments to its rules for implementing the Holding Foreign Companies Accountable Act of 2020 on Thursday.
The act requires foreign companies listed in the US to declare they are not owned or controlled by a foreign government and to have been available for inspection by the Public Company Accounting Oversight Board within the last three years.
“Under the final rules adopted by the SEC yesterday, Didi will not be mandatorily delisted from US until it fails to meet the PCAOB audit requirements for three consecutive years,” Chen said. “So it will have enough time to do the Hong Kong listing first.”


Didi starts to delist from New York and aims for Hong Kong amid Beijing scrutiny

Signage at the Didi Chuxing offices in Hangzhou on August 2, 2021. Photo: Bloomberg

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Didi announced Friday that it would delist in New York after ‘careful study’ and prepare for a Hong Kong listing, with a shareholder vote to be organised later
Beijing launched a cybersecurity review into the company days after its blockbuster IPO on June 30



Didi said Friday that it will delist in New York and prepare a Hong Kong listing after a five-month-long cybersecurity probe into the company from Beijing.


Didi starts to delist from New York and aims for Hong Kong amid Beijing scrutiny

Didi announced Friday that it would delist in New York after ‘careful study’ and prepare for a Hong Kong listing, with a shareholder vote to be organised later Beijing launched a cybersecurity review into the company days after its blockbuster IPO on June 30

Didi announced Friday that it would delist in New York after ‘careful study’ and prepare for a Hong Kong listing, with a shareholder vote to be organised later

Beijing launched a cybersecurity review into the company days after its blockbuster IPO on June 30