IPO is seen as an example of the great lengths the Chinese government will pursue, even if a company has a high-profile name and numerous foreign investors. “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” the source told FT.Ĭhina’s crackdown on Didi following its U.S. The Chinese podcast platform Ximalaya recently suspended its U.S. All 15 others, including biotech company Brii Biosciences and online.
#Sources didi keep linkdoc full#
The truck-hailing app Full Truck Alliance and online recruiter Boss Zhipin are two of the many Chinese companies that filed plans to go public in New York IPOs this year and are being subjected to intense scrutiny. LinkDoc is the only firm looking to list on the Nasdaq in New York, among at least 16 companies that announced IPO plans. The popular Chinese fitness app Keep is backed by Japan’s SoftBank and China’s Tencent and was looking to raise $500 million, sources told FT. IPO endeavors as Beijing intensified its policing of technology platforms in China. The news of LinkDoc ran parallel to the decision by Keep to pull its $500 million U.S. public listings are not forbidden, the move by LinkDoc is expected to spark a pull-out by additional Chinese companies with U.S. The move by officials prompted investors to unload Chinese stocks listed in the U.S.Īnalysts told Reuters that despite the fact that U.S. LinkDoc is likely the first Chinese startup to have retreated from its IPO plans as China’s regulatory agencies stepped up Big Tech oversight. The move against Didi from Chinese regulators came just two days after it went public in the U.S.
Sources told Reuters that LinkDoc was in the midst of filing for a $211 million initial public offering (IPO) in New York but scrapped the plans after Beijing pulled Didi from app stores and from payment platforms WeChat Pay and Alipay. Charles Mok analyses the aftermath of Didi’s. Sources told Reuters that LinkDoc was in the midst of filing for a 211 million initial public offering (IPO) in New York but scrapped the plans after Beijing pulled Didi from app stores and from. But it would be short-sighted to believe that this is only relevant for big tech companies such as Alibaba and, most recently, Didi.
#Sources didi keep linkdoc install#
Medical data firm LinkDoc Technology and digital fitness platform Keep have both pulled out following regulators’ probes into ride-hailing giant Didi Global, according to separate reports from the Financial Times and Reuters on Thursday (July 8). The Chinese governments reaction to Didi’s overseas IPO was not an isolated incident - it is looking to install tighter control over data and capital. in light of China’s crackdown on domestic companies looking to list overseas. is the latest company to join the likes of ByteDance, Keep, and LinkDoc to abandon an initial public offering in New York.
As domestic measures on data security supervision develop, other Chinese enterprises looking to list abroad have also suspended overseas IPO plans temporarily, including China’s medical data firm LinkDoc Technology, and digital fitness platform Keep.Two Chinese startups suspended public listing plans in the U.S. Chinese companies, particularly those in tech-linked fields, are rethinking plans to go public in the United States in response to the Didi Global ( DIDI) listing fiasco. People familiar with the matter revealed the company is seeking to go public in Hong Kong. Amid tightening regulatory pressure, Didi began delisting from NYSE on December 3, 2021. The draft rule responded to events following the initial public offering (IPO) of China’s largest online ride-hailing platform Didi on the New York Stock Exchange (NYSE) in June 2021, in which Chinese regulators ordered Didi to remove its services from app stores due to concerns about the company’s data security issues. The amendment follows a draft cybersecurity review regulation proposed by the Cyberspace Administration of China (CAC) in July 2021. Notably, online platforms to list in Hong Kong would be exempted from the cybersecurity review. Chinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US IPO plans after Didi debacle.Details: 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. In addition, the China Securities Regulatory Commission (CSRC) will also participate in the examination as a member department.
The Ministry of Industry and Information Technology (MIIT) will assign its affiliated China Cyberspace Review Technology and Certification Center to undertake the reviews. Chinese online platform operators with more than 1m users must apply for cybersecurity checks before they go public abroad, according to a new amendment published by 13 government ministries, as reported by Global Times on January 4.
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