The ride-hailing firm’s IPO price was set at $14 per share, raising at least $4.4 billion, and closed up 15.98% to reach $16.4 the next day, with a market value of $78.6 billion. However, less than 48 hours after its listing, Didi was reviewed by Chinese authorities on the grounds of preventing national data security risks and safeguarding public interests. Just one day later, the government announced that the “Didi Chuxing” app had been removed from digital stores due to alleged illegal collection and use of personal information.The Securities and Exchange Commission has finalized new rules, effective Jan. The earliest companies might be delisted would be 2024.ġ0, under which companies that fail to comply with audits for three consecutive years will incur a five-year trading ban. The shares of delisted firms could continue to trade in the U.S., over the counter. Chinabased keep linkdoc us professional#.Chinese companies in need of capital have long headed to the U.S. ![]() Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm Chinese companies have raised about US13 billion through first-time share sales in the US this year, Bloomberg data showed. Stock market to tap deep-pocketed investors, raising more than 100 billion in first-time share sales over the past two. 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.ĭidi’s IPO was the second largest US listing by a Chinese firm on record, after Alibaba Group Holding Ltd’s () US25 billion blockbuster debut in 2014. LinkDoc was expected to raise up to 211 million on the Nasdaq. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. It was the second-largest Chinese IPO in the U.S. pipeline among firms that had already filed to list, according to Refinitiv data. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc just two days after its New York debut. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. That was soon followed with an order for Didi's app be removed from app stores. ![]() 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. 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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