DiDi Chuxing, a 39 billion dollar company listed on the New York Stock Exchange (NYSE), abruptly announced their departure from Wall Street on December 3. Didi Chuxing is a mobile transportation company, a taxi-hailing company, and a ride-sharer headquartered in Beijing. The company was founded in 2012 and has 13,000 corporate employees. DiDi went public in June 2021 on the NYSE. DiDi operates across Asia-Pacific, Africa, Latin America, Central Asia, and Russia. It acquired a series of rivals in China, including Kuaidi Dache and Uber China. DiDi joined Wall Street to give China global financial and political power when it came to introductions in Washington. In return, DiDi would support Wall Street heavily by raising millions of dollars from American pension funds. The two had a symbiotic relationship of sorts, helping one another gain money, political power, and advances in the stock market.

The United States considers China their most significant economic and military competitor and finds Beijing’s intentions unclear in what they are trying to accomplish against them. While the U.S. has responded to China’s preeminence with increased regulations on Chinese corporations, American companies still rely on China and Chinese companies as both a market and a source of goods and materials. China has loosened its limits on what companies such as foreign banks can do, but the enterprises will still be subject to Chinese laws. China and the U.S. government are slowly cutting their ties over time. As companies such as DiDi Chuxing leave the NYSE, this relationship will only weaken further. DiDi Chuxing leaving the NYSE is a sign that China doesn’t need Wall Street anymore.