![]() Rumors circulated that Didi was planning to delist and go private but the company released a statement stating that was false.Less than a week after Beijing pulled off its egregious rug-pull of the Didi IPO - after which the world learned that Beijing had 'suggested' to the company's management that the CCP wasn't entirely comfortable with their plans to list in the US - more Chinese firms are abandoning plans to list in New York as the world wonders whether the US has seen the last listing of a Chinese company.įollowing reports from earlier this week claiming TikTok-owner ByteDance had decided to abandon plans to list in the US in favor of listing in Hong Kong, two more Chinese firms called off their US IPOs on Thursday. ![]() Read more: Chinese Startups LinkDoc And Keep Suspend US IPO Plans #SOURCES CHINABASED KEEP LINKDOC US IPOTIMES FULL# 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. 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. 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.
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