Loading...
The Financial Express

/ Stock

China's Ximalaya drops US IPO plans

| Updated: October 14, 2021 10:10:24

Chinese and US flags flutter outside the building of an American company in Beijing, China on January 21, 2021 — Reuters/Files Chinese and US flags flutter outside the building of an American company in Beijing, China on January 21, 2021 — Reuters/Files

China's largest online audio platform Ximalaya said on Thursday it had decided not to proceed with its plans for an initial public offering (IPO) in the United States.

The move comes after Reuters reported in May that China was pressing Ximalaya to drop its plans to list in the United States and go for Hong Kong instead, showing how authorities are seeking to further tighten their grip over private media and internet businesses, reports Reuters.

Medical data group LinkDoc Technology Ltd in July became the first Chinese company to shelve plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms.

Ximalaya, backed by China's Tencent Holdings, had filed for an IPO in April.

Chinese and US regulators alike have been tightening their grip on US listings of Chinese tech firms over the past few months.

Last month, Reuters reported that China was framing rules to ban internet companies whose data poses potential security risks from listing outside the country.

The US Securities and Exchange Commission (SEC) also began issuing new disclosure requirements to Chinese companies who are looking to list in New York, in an effort to boost investor awareness on the risks involved, Reuters reported in August.

Share if you like

Filter By Topic

Economy

Stock

Trade

National

More News

Adani saga spotlight shifts to Indian regulator

Adani crisis deepens with Moody's downgrades and index weighting cuts

Honda reports 22pc rise in Q3 operating profit

Yahoo to lay off more than 20pc of staff

Disney to cut 7,000 jobs in major revamp

Alphabet shares dive after Google AI chatbot Bard flubs answer in ad

Adani group shares rally after $113bn market wipeout

India's Adani shares see extended sell-off as credit warnings kick in

India's Adani shares nosedive

Apple forecasts another drop in revenue

© 2024 - All Rights with The Financial Express