![]() ![]() The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to $500 million in the IPO. Ximalaya, which had issued a prospectus in April, also canceled its US IPO in recent weeks. Keep, Ximalaya, and LinkDoc call off their US IPO plans. LinkDoc Technology, a health care technology firm, and Ximalaya, a platform for audio sharing, have also reportedly delayed their U.S. “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” people with knowledge of the matter told Financial Times. Chinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US IPO plans after Didi debacle. Details: Keep did not go ahead with its planned public filing while its bankers at Morgan Stanley canceled marketing meetings with investors this week, Financial Times reported, citing people familiar with the matter. Chinese regulators are said to have pressured Ximalaya to drop its U.S. listing in favor of Hong Kong earlier this year. LinkDoc, which due to price its shares on Thursday and expected to raise more than $200m, shelved its Nasdaq IPO plans this week. The Alibaba-backed company offers a repository of big data for the healthcare industry such as clinical trials, AI diagnosis, and management.Ĭontext: Data security and cyber sovereignty are also what China emphasis in recent years. Last week, citing concerns over national data security, China’s Cyberspace Administration of China initiated a review of Didi, Full Truck, and Boss Zhipin, three recent US-listed technology companies On June 11, Beijing passed a new Data Security Law that regulates how companies collect, store and use data. #DIDI CHINABASED XIMALAYA LINKDOC US IPOTIMES FULL# #DIDI CHINABASED XIMALAYA LINKDOC US IPOTIMES FULL#.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. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. ![]() 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 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. 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. 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). Each ADS is equivalent to four common shares, with the issue price ranging from $17.5 to $19.5.Īccording to CareerIn, citing people familiar with the matter, in the future overseas listings of Chinese companies, including offshore entities, will increasingly be brought under the supervision of China Securities Regulatory Commission. In July, 2021, Chinese authorities issued a circular calling for the removal of the “Didi Chuxing” app, then carried out network security reviews on “Yunmanman,” “Huochebang” and “BOSS Zhipin” to ensure accordance with the law. ![]() The developments have already had a strong impact on other companies preparing to list publicly in the United States. SEE ALSO: Didi’s Mini Programs Removed from WeChat and Alipay, Affecting Its Business Prior to this, on June 11 government officials tested the collection and use of personal information by a range of widely-used apps,notifying 129 of them, including Keep, of their illegal harvesting and use of user data. Keep is a fitness app with various social networking attributes, and has amassed more than 200 million users. Ximalaya, or Xima FM, is a professional audio sharing platform used widely in China, which provides consumers with best-selling international audio books, English courses taught by world-renowned professors, Chinese courses for industry experts, and more. #SOURCES DIDI XIMALAYA LINKDOC US IPOTIMES PROFESSIONAL# The platform currently boasts more than 400 million registered users. Pandaily previously reported that Didi was officially listed on the NYSE on the evening of June 30, under ticker symbol “DIDI”.
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