![]() 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. 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. sources didi 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. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. 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. 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. Chinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US. Securities and Exchange Commission is also issuing new disclosure requirements, asking Chinese companies to reveal their use of variable interest entities (VIEs) to investors. The case examines how LinkDoc, specializing in big data and serving the vertical healthcare industry, found its own answers to these issues and, more specifically, how it identified and entered its target market segment, and. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. “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 Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg. 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. ![]() auditing rules.Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文 regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. 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. 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. Eventually permission was granted to me, and I swept through the entire catalogue of games over and over and over. Later this year, a review of the filings showed. Didi keep ximalaya linkdoc us professional.
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