Ximalaya is among dozens of firms that are re-evaluating going public in the US since Beijing increased its scrutiny of the sector in early July, following the US$4.4 billion IPO of Chinese ride-hailing giant Didi Chuxing in New York. Reuters reported the plans for a Hong Kong IPO earlier on Friday, saying that the listing could raise about US$500 million. The company withdrew its US listing documents on Thursday, according to a filing with the US Securities and Exchange Commission (SEC).ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.Ī call to Ximalaya's offices in Shanghai was not immediately answered on Friday afternoon. Ximalaya could file paperwork for a listing on the Hong Kong stock exchange as soon as next week, said the person, who was not authorised to discuss the matter publicly. The Tencent Holdings-backed online audio streaming platform filed for an IPO in the US in April, but found itself caught in a shifting regulatory landscape in China that has seen regulators implement a number of new rules targeting technology firms, including reviews of overseas listings by companies that hold the personal data of 1 million or more Chinese people. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S.Ximalaya, China's biggest podcasting platform, plans to file for an initial public offering (IPO) in Hong Kong after scrapping plans for a US listing, becoming the latest technology firm to step back from plans to go public overseas amid Beijing's crackdown on the sector, according to a person familiar with the matter. listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The sources declined to be identified as the information has not yet been made public. LinkDoc did not immediately respond to a request for comment. 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. 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. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S.
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