BEIJING, April 18 (TMTPOST)— The American depository receipts (ADRs) of DiDi Global Inc plunged as much as 23% before settling 18.3% lower Monday, after the largest ride-hailing service provider fixed a meeting date to determine its delisting path forward.

Source: Visual China

The board of directors has authorized the company to organize a shareholders meeting on May 23, 2022 at 7:00 p.m., Beijing Time, or 7:00 a.m. U.S. Eastern Time, to vote on the voluntary delisting of the company’s American Depositary Shares (ADSs) from the New York Stock Exchange as soon as practicable, according to Didi’s filling disclosed on Monday. The company said it would continue to explore potential listing on another internationally recognized exchange, however,in order to better cooperate with the cybersecurity review and rectification measures, it would not apply for listing of its shares on any other stock exchange before completion of the delisting.

Didi reported the revenue for the fourth quarter of last year fell almost 13% from a year earlier to RMB37.473 billion (US$5.88 billion), due to the 15% mobility revenue decrease in China, while the mobility business beyond China that quarter jumped more than 51% to RMB1.045 billion (US$164 million).

Didi announced last December to start delisting its shares from the New York Stock Exchange (NYSE) and prepare for listing in Hong Kong, officially declaring a farewell after its app was removed from the native market stores as Chinese regulator launched cyber security review in early July, days after it launched an initial public offering (IPO) in U.S. As of Monday close, Didi’s ADRs saw a nearly 86% decline since the debut on June 30, 2021, making the worst performance among Chinese firm that raised at least US$2 billion through IPO in New Work.

Last month, Didi was reported to suspend its preparations for Hong Kong listing originally slated for around the summer of the year as the Cyberspace Administration of China (CAC), the internet regulator, informed the company that its proposals for data security hadn’t met the regulatory requirements, increasing the uncertainty of the company’s homecoming listing prospect.