![]() ![]() Under pressure from regulators and distrust from investors, many Chinese companies such as Xiaohongshu, a social commerce platform backed by Alibaba and Tencent Keep, a fitness app backed by Tencent and Ximalaya, have either dropped or suspended their U.S. IPO plan and list in Hong Kong instead since May. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. Thursday, Ximalaya, one of China's most prominent audio streaming platforms backed by Tencent, said it will drop its IPO plan in the United States filed in April. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm Amid concerns about data security in the wake of Didis New York IPO.Ximalaya drops US IPO plan amid China's crackdown on overseas listing - PingWest English 中文 ![]() Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文 Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijings clampdown on overseas listings by domestic firms, according to three sources. Chinese companies risk eviction from U.S. exchanges by 2023 if American regulators. Keep, Ximalaya, and LinkDoc call off their US IPO plans J9:17 pmĬhinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US IPO plans after Didi debacle.ĭetails: Keep did not go ahead with its planned public filing while its bankers at Morgan Stanley canceled marketing meetings with investors this week, Financial Times reported, citing people familiar with the matter. The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to $500 million in the IPO. HONG KONG, Sept 20 Didi Global Inc co-founder and President Jean Liu has told some close associates that she intends to step down, two sources familiar with the matter said, as the Chinese ride-hailing giant faces intense regulatory scrutiny following its New York listing earlier this year. Ximalaya, which had issued a prospectus in April, also canceled its US IPO in recent weeks. “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” people with knowledge of the matter told Financial Times. LinkDoc, which due to price its shares on Thursday and expected to raise more than $200m, shelved its Nasdaq IPO plans this week. The Alibaba-backed company offers a repository of big data for the healthcare industry such as clinical trials, AI diagnosis, and management.Ĭontext: Data security and cyber sovereignty are also what China emphasis in recent years. Sources: after the Didi crackdown, China-based fitness app Keep, podcasting platform Ximalaya, medical data analytics startup LinkDoc pause their US IPO. On June 11, Beijing passed a new Data Security Law that regulates how companies collect, store and use data. Last week, citing concerns over national data security, China’s Cyberspace Administration of China initiated a review of Didi, Full Truck, and Boss Zhipin, three recent US-listed technology companies #Sources didi ximalaya linkdoc us full#. ![]()
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