![]() On Tuesday, China said it would tighten restrictions on overseas listings of Chinese companies, urging regulators to amend laws and regulations on data security, cross-border data flow, and other confidential information management. 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 On June 11, Beijing passed a new Data Security Law that regulates how companies collect, store and use data. 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. LinkDoc, which due to price its shares on Thursday and expected to raise more than $200m, shelved its Nasdaq IPO plans this week. “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. Ximalaya, which had issued a prospectus in April, also canceled its US IPO in recent weeks. The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to $500 million in the IPO. 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. Ximalaya drops US IPO plan amid China's crackdown on overseas listing - PingWest English 中文 Chinese Digital Audio Platform Ximalaya Applies for Listing in Hong Kong after Retracting US IPO.Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文 Ximalaya has submitted an application for listing to the HKEx on Monday after dropping plans to list publicly in the United States. The firm's co-sponsors were Goldman Sachs, Morgan Stanley and CICC. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm 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 has previously suspended its IPO plan after DiDi's disastrous IPO in July. IPO plan and list in Hong Kong instead since May.Under. 09:12AM (Updated: 09:49AM) Chinese companies in need of capital have long headed to the US stock market to tap deep-pocketed investors, raising more than US100 billion in. 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 has previously suspended its IPO plan after DiDi's disastrous IPO in July. The actions of both countries have put frenetic deals done in the midst of the COVID-19 pandemic into great peril. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. CHINABASED XIMALAYA LINKDOC US IPOTIMES CRACKED They were further affecting the lucrative business of offshore listings that have managed to accumulate around US6.4 billion in fees since 2014. IPO plan and list in Hong Kong instead since May. ![]() 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. Chinese tech companies including fitness app Keep, podcast operator Ximalaya, and LinkDoc Technology have all shelved their planned New York listings. /rebates/&252fsources-chinabased-keep-linkdoc-us-ipotimes. IPO plans since July.Īccording to Reuters, China is currently framing new regulations to ban IPOs outside of the country for tech companies with data security risks. Yet the pressure for Chinese tech companies doesn't stop there - the U.S. ![]() ![]() Securities and Exchange Commission is also issuing new disclosure requirements, asking Chinese companies to reveal their use of variable interest entities (VIEs) to investors. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. LinkDoc Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg.
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