Didi Chuxing has barred current and former employees from selling shares in the company indefinitely, dealing a new blow to staff of the Chinese ride-hailing group that has come under intense regulatory scrutiny after listing in New York.
December 27 was supposed to mark the end of a 180-day period during which current and former staff were not permitted to sell shares, but the prohibition has been extended without a new end date being set, according to people familiar with the matter.
The change is the latest setback for employees of the group, which has lost 60 per cent of its value, or about $38bn in stock market capitalisation, since its $4.4bn initial public offering in New York in June. Chinese authorities launched an investigation into Didi’s data security practices days after the company went public and the group announced this month it would delist from the US and pursue a listing in Hong Kong.