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. HONG KONG, Sept 10 (Reuters) - Chinas largest online audio platform Ximalaya will file for its Hong Kong initial public offering (IPO) next week after dropping its plans to list in the United States, according to three sources with direct knowledge of the matter. Inc and audio service Ximalaya appear to have put US listing plans on hold.
#Sources chinabased ximalaya linkdoc us full#
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 Founded in 1897, Zhejiang University is one of Chinas oldest institutions. 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. Securities and Exchange Commission (SEC) also began issuing new disclosure requirements to Chinese companies who are looking to list in New York, in an effort to boost investor awareness on the risks involved, Reuters reported in August.Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文
Last month, Reuters reported that China was framing rules to ban internet companies whose data poses potential security risks from listing outside the country.
listings of Chinese tech firms over the past few months. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between 17.50 and 19.50 each. Ximalaya, backed by Chinas Tencent Holdings, filed for an IPO in April. Backed by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. regulators alike have been tightening their grip on U.S. A year ago, the Japanese medical data group LinkDoc Technology Ltd in July became the first Chinese company to shelve plans for an IPO in the United States due to Beijings clampdown on overseas listings by domestic firms. Ximalaya, backed by China's Tencent Holdings, had filed for an IPO in April.Ĭhinese and U.S. Medical data group LinkDoc Technology Ltd in July became the first Chinese company to shelve plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms.
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