Rumors circulated that Didi was planning to delist and go private but the company released a statement stating that was false. Ridehail platform Didi went public on June 30 on the New York Stock Exchange and days later was subjected to intense scrutiny and an onsite cybersecurity review by seven Chinese regulatory agencies.ĭidi’s $4.4 billion IPO debuted as the biggest stock sale by a Chinese company since Alibaba’s 2014 listing. Read more: Chinese Startups LinkDoc And Keep Suspend US IPO Plans The company did not disclose a specific value for its offering but listed it in the filing as 100 million, a placeholder figure typically used to. Other Chinese firms like the truck-hailing app Full Truck Alliance and online recruiter Boss Zhipin have plans in the works for New York IPOs and are now being subjected to deepening scrutiny by regulators. Chinese medical data company LinkDoc Technology filed paperwork on Monday to list shares in the US, as China’s digital healthcare industry continues to grow in the wake of the coronavirus pandemic. In addition, at least five Chinese companies pulled IPO plans in China in the past few months. listing plans last month, as did podcast platform Ximalaya, medical data firm LinkDoc Technology and digital fitness platform Keep. The upcoming rules and the changing regulatory climate surrounding technology companies in China have caused a number of Chinese tech giants to pull planned IPOs in the U.S. See also: Chinese Watchdogs Tighten Tech Grip With New SAMR Rules The country is also developing a cross-ministry council that would be tasked with granting official approval for public listings in foreign markets, the sources said. The officials reportedly said firms that don’t collect sensitive data, such as pharmaceutical companies, will probably be green-lighted by regulators to move forward with public listings abroad, according to the sources.Ĭhina is in the midst of hammering out a set of new mandates that would essentially prohibit firms that collect and store reams of data from filing for U.S. Related: Parade Of Chinese US IPOs Turns Into A Deluge Of Delays The proposed regulations are still undergoing final review and the CSRC anticipates being able to implement the new laws near the fourth quarter, and until then, asked some firms to sit tight, the sources said. and other countries on the back burner, the sources said. The China Securities Regulatory Commission (CSRC) reportedly asked firms that collect a high volume of sensitive information to put plans for initial public offerings (IPOs) in the U.S. All Rights Reserved.The main securities regulator in China is planning to bar some technology firms in the country from listing on public markets overseas, sources told The Wall Street Journal in a report on Friday (Aug. 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. Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文
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