(Bloomberg) — Didi Global Inc. plunged 44% on Friday after the company suspended preparations for its planned Hong Kong listing.

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The decision came as the Cyberspace Administration of China informed executives of the ride-hailing giant that their proposals to prevent security and data leaks had fallen short of requirements, according to people familiar with the matter.

Didi Plunges 44% After Halting Planned Hong Kong Stock Listing comes via ChinaTechNews.com.