The announcement stated that Chinese companies will endure difficult processes to earn a listing in the US. China’s latest attempt at its crypto crackdown has triggered a sell-off in Chinese technology stocks. Beijing however revealed that its main concern is whether foreign government officials are gaining access to its citizens’ data as part of the listings. Keep, now adds to the already long list of Chinese companies to cancel US IPO plans. A source close to the company speaking on that turn of the event stated that “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be a much better and preferred outcome.”Ĭhinese medical data solutions provider, LinkDoc Technology, earlier this week canceled its Nasdaq IPO plans this week.Ĭhina’s biggest podcasting platform, Ximalaya, earlier last month also canceled its US IPO plans. According to reports, LinkDoc Technology was expected to price its shares on Thursday and was expected to raise a figure of over $200 million expected. The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans. This development is the latest blow for SoftBank, which holds a 20% stake in Didi, making it the largest shareholder. Shares of the Japanese bank shares fell 5% yesterday after news of China regulators investigating, stopping new registrations to its app in the process. The bank is also an investor in Full Truck Alliance, another US-listed tech company under investigation by the Chinese data watchdog.HONG KONG - Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States following Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. It is the first known Chinese firm to pull back from its IPO plans since the crackdown began last week with an investigation by China's cybersecurity regulator into ride-hailing giant Didi Global Inc just two days after it made its New York debut.īeijing said on Tuesday that it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks.
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