regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. The Financial Times reported on Thursday that Keep, a Chinese sports-oriented social platform, and Ximalaya, the largest podcast platform in China, have both cancelled previous IPO plans in the United States during recent weeks. regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. Faced with Possible Effects of Didi App Removal, Chinese Companies Keep, Ximalaya and LinkDoc Cancel IPO Plans in US. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing’s concerns that U.S.
In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms – similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. later this year, a review of the filings showed. listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. Just one day later, the government announced that the “Didi Chuxing” app had been removed from digital stores due to alleged illegal collection and use of personal information.This advertisement has not loaded yet, but your article continues below. However, less than 48 hours after its listing, Didi was reviewed by Chinese authorities on the grounds of preventing national data security risks and safeguarding public interests. The ride-hailing firm’s IPO price was set at $14 per share, raising at least $4.4 billion, and closed up 15.98% to reach $16.4 the next day, with a market value of $78.6 billion. Pandaily previously reported that Didi was officially listed on the NYSE on the evening of June 30, under ticker symbol “DIDI”. The platform currently boasts more than 400 million registered users.
Didi keep ximalaya linkdoc us ipotimes professional#
Ximalaya, or Xima FM, is a professional audio sharing platform used widely in China, which provides consumers with best-selling international audio books, English courses taught by world-renowned professors, Chinese courses for industry experts, and more. HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd LDOC.O has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic. Keep is a fitness app with various social networking attributes, and has amassed more than 200 million users. SEE ALSO: Didi’s Mini Programs Removed from WeChat and Alipay, Affecting Its Business Prior to this, on June 11 government officials tested the collection and use of personal information by a range of widely-used apps,notifying 129 of them, including Keep, of their illegal harvesting and use of user data. The developments have already had a strong impact on other companies preparing to list publicly in the United States. In July, 2021, Chinese authorities issued a circular calling for the removal of the “Didi Chuxing” app, then carried out network security reviews on “Yunmanman,” “Huochebang” and “BOSS Zhipin” to ensure accordance with the law. Each ADS is equivalent to four common shares, with the issue price ranging from $17.5 to $19.5.Īccording to CareerIn, citing people familiar with the matter, in the future overseas listings of Chinese companies, including offshore entities, will increasingly be brought under the supervision of China Securities Regulatory Commission. Pandaily previously reported that LinkDoc had originally prepared to list on the Nasdaq on July 9, under ticker symbol “LDOC,” where it planned to issue 10.8 million American Depository Shares (ADS). At the end of the month, IFR reported that Keep, supported by SoftBank and Tencent, also intended to go to the United States for an IPO, raising $500 million.
On May 12, LinkDoc was reported to be planning an IPO, cooperating with Bank of America, CICC and Morgan Stanley, possibly raising about $500 million in the process. On May 1, Ximalaya submitted an IPO application to the SEC, with Goldman Sachs, Morgan Stanley, Bank of America and CICC acting as joint underwriters. in light of China’s crackdown on domestic companies looking to list overseas. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. Two Chinese startups suspended public listing plans in the U.S.
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