Didi announced it will “immediately” start the process of delisting from the New York Stock Exchange and pivot to Hong Kong. CNN’s Paul R. La Monica reports.

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A driver working for ride-sharing company Didi follows a map on his smartphone to bring a customer to his destination in Beijing in October 2018.

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China’s cabinet held an emergency meeting with more than 100,000 participants, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. CNN’s Selina Wang has more.

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BEIJING, CHINA - MAY 12: People line up outside a supermarket to buy food after a rumour of an impending COVID-19 lockdown that was denied by officials was posted to social media on May 12, 2022 in Beijing, China. China is trying to contain a spike in coronavirus cases in the capital Beijing after hundreds of people tested positive for the virus in recent weeks, causing local authorities to initiate mass testing, mandate proof of a negative PCR test within 48 hours to enter many public spaces, to close schools and retail stores, ban gatherings and inside dining in all restaurants, and to lockdown many neighbourhoods in an effort to maintain the country's zero COVID strategy. (Photo by Kevin Frayer/Getty Images)

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China’s supply chain crisis and its global impact is leaving companies with increasing costs and consumers with indefinite waiting times to receive goods. CNN’s Selina Wang offers an inside look at the country’s lockdowns, a strain on shipments and how China’s factory workers are reacting to the shifting landscape.

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BEIJING, CHINA - JANUARY 13: A man is given a nucleic acid test for COVID-19  by a health worker at a private testing site on January 13, 2022 in Beijing, China. While China has mostly contained the spread of COVID-19 during the pandemic, and even though cases remain relatively low, recent outbreaks of the virus including the emergence of the highly contagious Omicron variant have prompted the government to lockdown nearly 20 million people in various major cities and to reinforce stricter health measures. Mask mandates, mass testing, immunization boosters, quarantines, some travel restrictions and bans and lockdowns have become the norm as China continues to maintain its zero-COVID policy. China's capital city Beijing, has been put on high alert as it prepares to host the Beijing 2022 Winter Olympics and Paralympics which open next month. (Photo by Kevin Frayer/Getty Images)

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An aerial view shows the Evergrande Changqing community on September 26, 2021 in Wuhan, Hubei Province, China. In 2015, Evergrande real estate acquired four super large projects in Haikou, Wuhan and Huizhou, with a total construction area of nearly 4 million square meters and a total amount of 13.5 billion yuan. Evergrande, China's largest property developer, is facing a liquidity crisis with total debts of around $300 billion. The problems faced by the company could impact China's economy, and the global economy at large.

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CNN Business  — 

Didi’s regulatory nightmare in China may be nearly over.

That’s according to the Wall Street Journal, which reported Monday, citing unidentified sources, that Beijing’s cybersecurity review of the ride-hailing giant was about to wrap up. The move would allow Didi to return to app stores in mainland China, potentially as soon as this week.

The report, which comes almost one year after the company was first hit by regulators and had its app banned in China, sent its shares in New York up 53% in premarket trading on Monday.

Didi (DIDI) isn’t the only company said to be out of the woods. Two other US-listed Chinese firms — logistics provider Full Truck Alliance (YMM) and online recruitment platform Kanzhun (BZ) — are also reaching the tail end of their respective data security probes, and will have access to app stores restored, too, according to the Journal.

Shares of those companies jumped 27% and 21% in premarket trade on Monday, respectively. Didi, Full Truck Alliance and Kanzhun did not immediately respond to a request for comment.

The conclusion of the cybersecurity review comes too late to save Didi from an ignominious retreat from Wall Street just a year after it listed, and will have further consequences for the company.

All three companies are set to be fined, with the largest levy against Didi, sources told the Journal.

They will also be expected to hand over 1% in equity to Chinese authorities, giving the government an official role in decisions, according to the newspaper.

The news caps a dramatic year for what was once one of China’s most celebrated and valuable companies.

Didi launched a blockbuster initial public offering in the United States last June, raising $4.4 billion.

But just days later, Chinese authorities banned the service from app stores in the country, and initiated the cybersecurity probe. That investigation turned the company into a poster child for Beijing’s crackdown on tech firms, and stopped it from registering new users.

Since then, almost 90% of its market cap has been wiped out, plunging from nearly $70 billion a year ago to roughly $9 billion now.

Didi said last December it would leave the US stock market, without giving a reason. The move was widely seen as an attempt to appease Chinese officials who were unhappy with how it went public overseas.

Last month, shareholders voted to go ahead with the withdrawal after the company said regulators would not be able to conclude their investigation while it remained listed on Wall Street. The company plans to list its shares in Hong Kong but has not laid out a specific timeline.

Didi is also facing scrutiny in the United States. Earlier this month, it disclosed that it was being investigated by the Securities and Exchange Commission for the bungled IPO.