Nick Marinoff writes New York Suggests Two-Year Moratorium on Crypto Mining Jay Zhuang writes Risk-Aversive Bets Reigned Amid Terra’s Notorious Plunge (Report) The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans.įamous Chinese fitness app has called off plans to file for an Initial Public Offering in the United States amid the latest attempt to crackdown crypto firms by the Chinese government. According to sources close to the company of the Chinese fitness app, the decision not to follow through with its New York IPO plans came after Chinese regulators announced an investigation into data security concerns at ride-hailing company DiDi. Keep which is backed by China’s Tencent and Japanese banking giants SoftBank was expected to raise over $500 million but has now canceled its plan to file for an IPO while Morgan Stanley, its bankers have also canceled numerous marketing meetings with investors this week. The latest investigation by Chinese regulators into possible data security breaches by DiDi and other Chinese companies listed in the U.S according to market experts is going to disrupt billions of dollars of technology listings that are planned for New York this year.īeijing announced on Tuesday that it was stretching its oversight and tightening its restrictions on the growing number of Chinese companies listed on US exchanges in a move that could threaten more than $2t worth of shares on Wall Street. 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.
Sources didi keep linkdoc us ipotimes full#
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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