![]() Ximalaya has submitted an application for listing to the HKEx on Monday after dropping plans to list publicly in the United States. ![]() The firm's co-sponsors were Goldman Sachs, Morgan Stanley and CICC. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm Thursday, Ximalaya, one of China's most prominent audio streaming platforms backed by Tencent, said it will drop its IPO plan in the United States filed in April.Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. IPO plan and list in Hong Kong instead since May.Under. 09:12AM (Updated: 09:49AM) Chinese companies in need of capital have long headed to the US stock market to tap deep-pocketed investors, raising more than US100 billion in. Thursday, Ximalaya, one of China's most prominent audio streaming platforms backed by Tencent, said it will drop its IPO plan in the United States filed in April. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. IPO plan and list in Hong Kong instead since May. Under pressure from regulators and distrust from investors, many Chinese companies such as Xiaohongshu, a social commerce platform backed by Alibaba and Tencent Keep, a fitness app backed by Tencent and Ximalaya, have either dropped or suspended their U.S. Chinese tech companies including fitness app Keep, podcast operator Ximalaya, and LinkDoc Technology have all shelved their planned New York listings. IPO plans since July.Īccording to Reuters, China is currently framing new regulations to ban IPOs outside of the country for tech companies with data security risks. Yet the pressure for Chinese tech companies doesn't stop there - the U.S. Securities and Exchange Commission is also issuing new disclosure requirements, asking Chinese companies to reveal their use of variable interest entities (VIEs) to investors. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. LinkDoc Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg.
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