![]() ![]() In the meantime, what had been a healthy IPO pipeline is weakening. One immediate victim was LinkDoc Technology Ltd., a Beijing-based medical data company, which halted preparations for a US IPO on Thursday.įitness app Keep has also opted not to go ahead with a planned U.S. public filing, the Financial Times reported. Podcast app Ximalaya’s US IPO is also in limbo, according to people with knowledge of the matter. Other deals that could be in doubt include Hong Kong delivery firm Lalamove’s potential US$1 billion IPO. In all, China’s crackdown on overseas listing threatens about 70 other private firms based in Hong Kong and China that are set to go public in New York, according to data compiled by Bloomberg. Valuations for China’s technology firms, which were already falling before the recent onslaught, now look shakier as investors signal they will demand steeper discounts to buy shares, said one banker, asking not the named discussing internal business. So far this month, the Nasdaq Golden Dragon Index – which tracks some of the biggest Chinese firms listed in the U.S. ![]() – has shed some US$145 billion in value.Īt the heart of the recent crackdown is how far regulators will go to check foreign investment in sensitive industries, particularly those controlling vast amounts of data. For two decades China’s technology giants have sidestepped restrictions, using the so-called Variable Interest Entity model to attract foreign capital and IPO offshore. The China Securities Regulatory Commission is now leading efforts to revise overseas listings rules that would require VIE firms, which do business in China but are registered in places like the Cayman Islands, to seek approval before selling shares overseas, Bloomberg has reported. #DIDI KEEP XIMALAYA LINKDOC US CRACKED#. ![]()
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