Didi Global stock jumped 11% in premarket trading

Didi Global stock jumped 11% in premarket trading as the ride-hailing firm to delist from U.S., seek shift to Hong Kong.

Didi Global Inc.has begun preparations to withdraw from U.S. stock exchanges and will start work on a Hong Kong share sale.

The ride-hailing giant’s board has authorized the company to file for a delisting of its American depositary shares from the New York Stock Exchange and will pursue a listing in Hong Kong, it said in a statement Thursday. It will ensure that the U.S. stock will be convertible into freely tradable shares on another internationally recognized stock exchange, according to the statement.

Didi is aiming to file for the Hong Kong listing around March, people with knowledge of the matter said, asking not to be identified as the plans haven’t been made public. The company didn’t immediately respond to a request for comment.

Didi made its New York debut on June 30 at $14 per American Depositary Share, which gave the company a valuation of $67.5 billion on a non-diluted basis. Those shares have since slid 44% until Thursday's close, valuing it at $37.6 billion.