Chinese rideshare app Didi to delist from NYSE

The Chinese rideshare app Didi announced Friday that it will delist from the New York Stock Exchange just months after its initial public offering.

The company’s brief announcement on the microblog Weibo noted plans to relist on Hong Kong’s exchange, but gave few other details.

Didi had been valued at nearly $70 billion after its first day of trading in June, but has since seen its shares collapse amid a crackdown from Beijing.

Chinese authorities announced a probe of the company’s data security practices shortly after its listing, but that investigation has not yet been closed. 

The company, which successfully held Uber out of its domestic market, owns a vast trove of data on Chinese users. 

The company’s market capitalization now sits at roughly $38 billion. Its shares tumbled even further Friday following the news of the delisting.