DiDi sinks 22% as the China ride-hail giant plans to hold vote on potential delisting of US shares

• Didi Global dropped Monday as the ride-hail app scheduled a vote on delisting NYSE-listed shares.
• The vote comes after Didi's security practices fell under investigation in China last year.

Shares of DiDi Global tumbled Monday as the China-based ride-hail app moved closer to a potential delisting of its stock in the US by setting a vote on the matter for shareholders.

Shares listed on the New York Stock Exchange sank as much as 23% to $1.90, the lowest price since March 15, before trimming the loss to 17%.

In a statement Sunday, DiDi said it will hold a vote on the delisting of its American Depositary Shares from the New York Stock Exchange in Beijing on May 23.

"The company is in full cooperation with the cybersecurity review in China," said DiDi, referring to a cybersecurity probe of the company launched by the Chinese government last year.

The shareholder vote will take place after the company said in December it would delist from the NYSE and move its shares to the Hong Kong Stock Exchange. DiDi came under intense pressure from Chinese authorities after it launched shares in the US in June despite the Cyberspace Administration of China urging the company to postpone its initial public offering while its data practices were under review, Reuters had reported.

Didi in March halted plans to head to the Hong Kong Stock Exchange after Didi failed to appease Chinese regulators conducting the cybersecurity probe. The government had demanded DiDi overhaul systems on concerns about leaks of user data, Bloomberg reported.

DiDi is making a move toward a "voluntary delisting," the China Securities Regulatory Commission said Sunday according to a translated statement.