Chinese regulators have asked Didi Global Inc.’s top executives to devise a plan to delist from US bourses, people familiar with the matter said, an unprecedented request that’s likely to revive fears about Beijing’s intentions for its giant tech industry.

The country’s tech watchdog wants management to take the company off the New York Stock Exchange because of concerns about leakage of sensitive data, the people said, asking not to be identified discussing a sensitive matter. The Cyberspace Administration of China, the agency responsible for data security in the country, has directed Didi to work out precise details, subject to government approval, they said. 

Proposals under consideration include a straight-up privatization or a share float in Hong Kong followed by a delisting from the US, the people added. If the privatization proceeds, the proposal will likely be at least the US$14 IPO price since a lower offer so soon after the June initial public offering could prompt lawsuits or shareholder resistance, the people said. If there is a secondary listing in Hong Kong, the IPO price would probably be a discount to the share price in the US, US$8.11 as of Wednesday’s close. 

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