Sept 9 (Reuters) – China’s major online audio platform Ximalaya mentioned on Thursday it had made a decision not to carry on with its plans for an first community presenting (IPO) in the United States.
The shift comes immediately after Reuters described in Could that China was urgent Ximalaya to fall its plans to listing in the United States and go for Hong Kong instead, demonstrating how authorities are trying to find to further tighten their grip above non-public media and world-wide-web companies. study extra
Medical facts group LinkDoc Know-how Ltd in July grew to become the first Chinese enterprise to shelve strategies for an IPO in the United States owing to Beijing’s clampdown on overseas listings by domestic corporations. read much more
Ximalaya, backed by China’s Tencent Holdings (0700.HK), had submitted for an IPO in April. read through far more
Chinese and U.S. regulators alike have been tightening their grip on U.S. listings of Chinese tech firms above the previous few months.
Last thirty day period, Reuters documented that China was framing regulations to ban internet companies whose knowledge poses probable protection pitfalls from listing outside the house the country.
The U.S. Securities and Exchange Fee (SEC) also began issuing new disclosure requirements to Chinese firms who are wanting to checklist in New York, in an energy to enhance investor recognition on the challenges associated, Reuters claimed in August.
Reporting by Noor Zainab Hussain and Sohini Podder in Bengaluru Enhancing by Amy Caren Daniel
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