regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/QEGUNBZMFJJUJFJMVPXTF5UDOU.jpg "didi linkdoc ipotimes")
In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. later this year, a review of the filings showed. listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. According to a report by Cailian Press, these apps have now resumed new user registrations.Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. In July, 2021, the National Cyberspace Administration carried out a network security review on its apps “Yunmanman” and “Huochebang” and set limits on the registering new users. On June 22, 2021, the company was listed on the New York Stock Exchange.
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SEE ALSO: Ride-hailing Didi to Be Delisted from NYSEįull Truck Alliance has been committed to building an efficient platform to match drivers and consignors. (Yicai Global) July 2 - Chinas LinkDoc Technology, a medical data company invested by Alibaba Group Holdings healthcare arm, aims to raise up to USD243 million in its initial public offering on the Nasdaq. It also asked the company to stop registering new users, citing national security and public interest reasons. Alibaba-Backed LinkDoc Eyes up to USD243 Million in Nasdaq IPO. A few days after Didi went public in New York, the Chinese regulator ordered the removal of 25 mobile apps operated by the company. Investigators conducted a month-long on-site investigation into the companies’ internal records, emails and internal communications, but authorities did not find any substantive problems with the companies, according to people familiar with the matter.Īmong the three companies, Didi has been the hardest hit and still faces scrutiny from Chinese security departments and relevant departments in the US. Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States following Beijings clampdown on overseas listings by domestic firms, according to three sources. last June, but soon after, the Chinese government began to strengthen network censorship and conduct data security investigations into these companies.
They had started trading at 14,40 and had reached a height of 18,01. J Didi’s shares dropped further to almost 8. But the three companies are expected to face financial penalties while offering the government a 1% stake and direct government involvement in corporate decision-making.Īll three companies were listed in the U.S. July 2021 Various Chinese companies with IPO plans have put these on hold, including LinkDoc, Meicai, Keep, Xiaohongshu and Hello Inc.
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As a result, these companies’ apps will now be allowed to be listed on domestic app stores and allow new registrants, the Wall Street Journal reported on Monday, citing people familiar with the discussion.Īffected by the news, Didi’s stock price soared by over 60% and Full Truck Alliance’s rose by over 37%, while Kanzhun’s rose by over 20%. Chinese regulators are concluding their probes into ride-hailing platform Didi, digital freight platform Full Truck Alliance, and online recruitment platform Kanzhun, in preparation of lifting the current ban on adding new users.
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