![]() platform Ximalaya, medical data analytics startup LinkDoc pause their US. A few months after bankers held a record for making Chinese companies public in New York and Hong Kong, they have had a rude awakening. Social Secret Sources: after the Didi crackdown, China-based fitness app Keep. Bids are being filed and investors are suffering huge losses.Īfter a fortnight in which China repressed its Uber-like Didi Global Inc., just days after a commercial debut in the United States, a global chill was resolved, quickly followed by the State Council which announced a more detailed examination of all offshore quotes. A cybersecurity review for companies with data on more than a million users was proposed on Saturday before looking for listings in foreign countries. The warning signs had been blinking for some time. In the first half of 2021, 34 Chinese companies raised a record 12.5. IPO because of the crackdown, Reuters reports. market debut of Chinese ride-hailing operator Didi Global, which raised 4.4 billion in one of corporate China’s biggest New York IPOs in years, was rocked by. As insurers hit a record $ 1.5 billion in fees last year to help Chinese companies with initial overseas bidding, relations between China and the United States shrank. On Thursday, Chinese medical data group LinkDoc shelved its upcoming U.S. Linkdoc, which is backed by Alibaba Health Information, had been due to price the deal today, determining how much money it would raise. In December, Donald Trump signed a bill that could remove Chinese companies that do not comply with audit inspection rules. Ximalaya is among dozens of firms that are reevaluating going public in the US since Beijing increased its scrutiny of the sector in early July, following the US4.4 billion float of ride-hailing giant Didi Chuxing in New. Simultaneously, President Xi Jinping stepped up oversight of large technology companies, in part to secure the treasury of data they control. Reuters reported the plans for a Hong Kong offer earlier in the day, saying the listing could raise about US500 million. The moves jeopardize the frantic negotiation that took place during the pandemic and the lucrative offshore listing business that earned about $ 6.4 billion in commissions since 2014, when Alibaba Group Holding Ltd. Last month, Reuters reported that China was framing rules to ban internet companies whose data poses potential security risks from listing outside the country. they topped the league tables during that stretch, when nearly 40 percent of the commissions came from U.S. bids.īankers now say they expect most Chinese IPOs destined for U.S. IPO endeavors as Beijing intensified its policing of technology platforms in China. stock exchanges to be suspended or diverted elsewhere, entering the projected revenue for the year given the significantly lower rates in Hong Kong. The news of LinkDoc ran parallel to the decision by Keep to pull its 500 million U.S. The quotation requirements in the financial center and in mainland China are also stricter, which means that there are no certain offers. “There are some uncertainties that can take a month or two to follow,” said David Chin, head of investment banking in Asia Pacific at UBS Group AG, about China’s changing rules in a briefing. Sources: after the Didi crackdown, China-based fitness app Keep, podcasting platform Ximalaya, medical data analytics startup LinkDoc pause their US IPO plans (.
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