Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. SoftBank Group Corp.
  6. News
  7. Summary
    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Beijing presses Didi to delist from U.S. over data security fears - sources

11/26/2021 | 10:39am EST
FILE PHOTO: China's Didi Global Inc. debuts on New York Stock Exchange

HONG KONG/SHANGHAI (Reuters) - Chinese regulators have pressed top executives of ride hailing giant Didi Global Inc to devise a plan to delist from the New York Stock Exchange due to concerns about data security, two people with knowledge of the matter told Reuters.

China's powerful Cyberspace Administration of China (CAC) has asked the management to take the company off the U.S. bourse due to worries about leakage of sensitive data, said one of the people.

It also wants the ride-hailing giant to promise it would solve the delisting issue within a certain period of time, said the person.

The cyberspace regulator said, according to the person, the prerequisite for the relaunch of Didi's ride-hailing and other apps in China is that the company has to agree to delist from New York.

Proposals under consideration include a straight-up privatisation or a second listing in Hong Kong followed by a delisting from the United States, said the person.

In July, the CAC ordered app stores to remove 25 mobile apps operated by Didi - just days after the company listed in New York. It also told Didi to stop registering new users, citing national security and the public interest.

Reuters reported earlier this month that Didi is preparing to relaunch its apps in the country by the end of the year in anticipation that Beijing's cybersecurity investigation into the company would be wrapped up by then, citing sources directly involved in the relaunch.

Neither Didi nor the CAC responded to Reuters' requests for comments.

The people declined to be identified as they were not authorised to speak to the media.

Bloomberg first reported regulators' request for Didi to delist on Friday. Shares in Didi investors SoftBank Group Corp and Tencent Holdings fell more than 5% and 3.1%, respectively following the report.

SoftBank Vision Fund owns 21.5% of Didi, followed by Uber Technologies Inc with 12.8% and Tencent's 6.8%, according to a filing in June by Didi.

If the privatization proceeds, shareholders would likely be offered at least the $14 per share IPO price, since a lower offer so soon after the June offering could prompt lawsuits or shareholder resistance, the report said, citing sources.

Shares of Didi, which have fallen 42% since it went public in June, were down 6.3% at $7.60.

The company ran afoul of Chinese authorities when it pressed ahead with its New York listing, despite the regulator urging it to put it on hold while a cybersecurity review of its data practices was conducted, sources have told Reuters.

Soon after, the CAC launched an investigation into Didi over its collection and use of personal data. It said data had been collected illegally.

Didi responded at the time by saying it had stopped registering new users and would make changes to comply with rules on national security and personal data usage and would protect users' rights.

China's tech giants are under intense state scrutiny over anti-monopolistic behavior and handling of their vast consumer data, as the government tries to rein in their dominance after years of unfettered growth.

(Reporting by Julie Zhu and Kane Wu in Hong Kong, Brenda Goh in Shanghai and Sneha Bhowmik in Bengaluru; Editing by Arun Koyyur and Sam Holmes)

By Julie Zhu, Kane Wu and Brenda Goh


ę Reuters 2021
All news about SOFTBANK GROUP CORP.
02:21aNikkei rebounds from 5-month low on China rate cut, game-maker rally boost
RE
01/19ByteDance Dissolves Investment Arm Amid Restructuring
MT
01/19Nikkei rebounds from five-month low as Sony, Toyota advance
RE
01/18SoFi shares bounce after winning bank approval
RE
01/18NFT-based metaverse company Animoca Brands raises $360 million
RE
01/18Japanese shares give up gains on rising U.S. bond yields
RE
01/18Japan shares reverse early gains on rising U.S. bond yields
RE
01/17Japanese shares track European peers higher, heavyweights advance
RE
01/17Japan's Nikkei rebounds from six-week low as chipmakers, Uniqlo operator rally
RE
01/16Japan's Nikkei rebounds from six-week low as energy stocks, chipmakers rally
RE
More news
Analyst Recommendations on SOFTBANK GROUP CORP.
More recommendations
Financials
Sales 2022 6 119 B 53 557 M 53 557 M
Net income 2022 1 058 B 9 261 M 9 261 M
Net Debt 2022 15 202 B 133 B 133 B
P/E ratio 2022 8,61x
Yield 2022 0,81%
Capitalization 9 252 B 80 985 M 80 984 M
EV / Sales 2022 4,00x
EV / Sales 2023 3,98x
Nbr of Employees 58 786
Free-Float -
Chart SOFTBANK GROUP CORP.
Duration : Period :
SoftBank Group Corp. Technical Analysis Chart | 9984 | JP3436100006 | MarketScreener
Technical analysis trends SOFTBANK GROUP CORP.
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 5 412,00 JPY
Average target price 9 718,00 JPY
Spread / Average Target 79,6%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Sector and Competitors
1st jan.Capi. (M$)
SOFTBANK GROUP CORP.-0.40%80 985
AT&T INC.10.89%194 806
T-MOBILE US-9.14%131 625
KDDI CORPORATION6.10%69 623
AMÉRICA MÓVIL, S.A.B. DE C.V.-7.84%63 179
VODAFONE GROUP PLC7.66%44 653