Pandaily previously reported that LinkDoc had originally prepared to list on the Nasdaq on July 9, under ticker symbol “LDOC,” where it planned to issue 10.8 million American Depository Shares (ADS). At the end of the month, IFR reported that Keep, supported by SoftBank and Tencent, also intended to go to the United States for an IPO, raising $500 million. On May 12, LinkDoc was reported to be planning an IPO, cooperating with Bank of America, CICC and Morgan Stanley, possibly raising about $500 million in the process. On May 1, Ximalaya submitted an IPO application to the SEC, with Goldman Sachs, Morgan Stanley, Bank of America and CICC acting as joint underwriters. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. Chinese companies in need of capital have long headed to the U.S.The Financial Times reported on Thursday that Keep, a Chinese sports-oriented social platform, and Ximalaya, the largest podcast platform in China, have both cancelled previous IPO plans in the United States during recent weeks. 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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