Chinese giant Didi Global has announced plans to withdraw its shares from the New York Stock Exchange (NYSE) and move its listing to Hong Kong.

The company has come under severe pressure since its US debut in July.

Within days of the initial public offering (IPO), Beijing announced a crackdown on technology companies listed overseas.

Earlier Thursday, the US market regulator unveiled tough new rules for Chinese companies going public in America.

“After careful research, the company will immediately begin delisting from the New York Stock Exchange and begin preparations for listing in Hong Kong,” the company said on its account on Weibo, China’s Twitter-like microblogging network.

In a separate statement in English, Didi said its board of directors approved the move, adding, “The company will organize a shareholders’ meeting to vote on the above matter at an appropriate time in the future, following the necessary procedures. “.

In late June, Didi, China’s answer to Uber, raised $ 4.4 billion (£ 3.3 billion) in its New York IPO.

However, trading was softened on day one as investors weighed concerns over tensions between Washington and Beijing and issues raised by US regulators over the financial reports of some Chinese companies.

Within days, the Chinese internet regulator ordered online stores not to offer Didi’s app, claiming that it illegally collected users’ personal data.

The Cyberspace Administration of China (CAC) said it is investigating the company to protect “national security and the public interest.”

In response Didi said in a statement: “The company will work to correct any problems, improve risk prevention awareness and technological capabilities, protect user privacy and data security, and continue to provide safe and convenient services to its users.”

Didi also warned that removing its app from Chinese stores would negatively impact its revenues.

Like many other Chinese tech companies, Didi has also come under pressure from regulators in the US and Europe.

On Thursday, the United States Securities and Exchange Commission said it has come up with rules that would mean that foreign companies listed in the United States can be de-listed if their auditors fail to comply with requests for information from regulators.

The law was passed in 2020 after Chinese regulators repeatedly denied requests from U.S. authorities to inspect the accounts of Chinese companies that list and trade in the United States.

Meanwhile, in August, a company source told the BBC it had halted launch plans in the UK and mainland Europe.

He had plans to deploy services in Western Europe, including major British cities.

Japanese SoftBank is Didi’s largest single investor with a stake of more than 20%. It is also supported by Chinese tech giants Alibaba and Tencent.

Uber also owns a stake in the company following Didi’s acquisition of Uber China in 2016.

Didi Global shares have lost more than 40% of their value since their debut on the US market.

From Alibaba to Tencent, Chinese technology companies have been scrutinized at home and abroad.

Didi, the country’s giant, has been at odds with Chinese regulators for months.

It shocked investors when Beijing removed Didi from app stores just days after the company went public on Wall Street in late June, accusing it of violating data security rules.

Beijing also announced rules to protect the rights of the millions of motorists who travel, in a move aimed at supporting the growth of the industry.

But Chinese companies have also been closely watched by American regulators.

Didi said it is preparing for listing in Hong Kong and that shareholders of its US-listed shares will be able to convert their holdings to those of another stock exchange.

The company is also gearing up to relaunch its apps in China later this year.