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. HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter.
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It offers users a platform to access free or paid content from roughly 5.2 million professional or amateur content creators.Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close Ximalaya had about 250 million monthly active users, nearly a fifth of China's population, in the first quarter of 2021, according to its IPO prospectus. The other underwriters Morgan Stanley (MS.N) and CICC (3908.HK) did not respond to requests for comment. Goldman Sachs (GS.N) and Bank of America (BAC.N)，two underwriters on Ximalaya's IPO, declined to comment. "The CAC thought Hong Kong would be better for ideological platforms such as Ximalaya," said a third person. exchanges if they do not comply with U.S. securities regulator began a rollout of rules that would exclude foreign companies from U.S. regulators will potentially gain greater access to audit documents of Chinese companies listed in New York, notably those that involve massive user or national data. "Domestic regulators have become more uncomfortable with Chinese media, content firms which operate in the country and obtain voluminous user data, but are incorporated offshore and now seek overseas listings," one of the sources said.Īnother of the sources said that the Ximalaya move also comes amid Beijing's growing concerns that U.S. tensions.Ĭhina's ruling Communist Party (CCP) has long maintained a tight grip over ideology and propaganda, especially over state media which it can use to assert its authority. The potential change of venue comes as China further tightens its ideological grip on private media and internet businesses amid China-U.S. IPO in late April, has started pre-marketing the float since early May and looked to raise about $500 million, said two of the sources. Shanghai-based Ximalaya, which filed publicly for the U.S. The CAC and Ximalaya did not respond to requests for comment.
It will make a final decision about the listing venue within the next two weeks, they added. The privately-owned company, backed by tech majors Tencent (0700.HK), Xiaomi (1810.HK), Baidu (9888.HK) as well as Sony Music Entertainment, is still in talks with the CAC, the sources said.
Ximalaya, the country's top podcast and audio app operator which aimed to go public in New York as soon as this month, has recently been pushed by China's regulators, including the Cyberspace Administration of China (CAC), to withdraw the listing plans and go public in Hong Kong instead, they said. HONG KONG, May 28 (Reuters) - China is pressing the country's largest online audio platform Ximalaya to drop plans to list in the United States and go for Hong Kong instead, three people with knowledge of the matter said, showing how the authorities are seeking to further tighten their grip over private media and internet businesses.
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