China’s biggest podcasting platform, Ximalaya, earlier last month also canceled its US IPO plans. Keep, now adds to the already long list of Chinese companies to cancel US IPO plans. Beijing however revealed that its main concern is whether foreign government officials are gaining access to its citizens’ data as part of the listings. China’s latest attempt at its crypto crackdown has triggered a sell-off in Chinese technology stocks. The announcement stated that Chinese companies will endure difficult processes to earn a listing in the US. The latest investigation by Chinese regulators into possible data security breaches by DiDi and other Chinese companies listed in the U.S according to market experts is going to disrupt billions of dollars of technology listings that are planned for New York this year.īeijing announced on Tuesday that it was stretching its oversight and tightening its restrictions on the growing number of Chinese companies listed on US exchanges in a move that could threaten more than $2t worth of shares on Wall Street. Keep which is backed by China’s Tencent and Japanese banking giants SoftBank was expected to raise over $500 million but has now canceled its plan to file for an IPO while Morgan Stanley, its bankers have also canceled numerous marketing meetings with investors this week. According to sources close to the company of the Chinese fitness app, the decision not to follow through with its New York IPO plans came after Chinese regulators announced an investigation into data security concerns at ride-hailing company DiDi. The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans.įamous Chinese fitness app has called off plans to file for an Initial Public Offering in the United States amid the latest attempt to crackdown crypto firms by the Chinese government. Users Buy Cryptocurrencies Directly From Their Bank AccountsĬhayanika Deka writes Samsung’s Knox Matrix to Function as Users’ Own Private Blockchain Systemĭimitar Dzhondzhorov writes Kazakhstan Wants More Regulations for Crypto Miners With New Bill (Report)Īndrew Throuvalas writes Michael Saylor’s Wish for Bitcoin Accounting Changes Has Arrived According to sources close to the company of the Chinese fitness app, the decision not to follow through with its New York IPO plans came after Chinese regulators announced an investigation into data security concerns at ride-hailing company DiDi.Keep which is backed by China’s Tencent and Japanese banking giants SoftBank was expected to raise over 0 million but has now canceled its plan to file for an IPO while Morgan Stanley, its bankers have also canceled numerous marketing meetings with investors this week.įelix Mollen writes Metamask to let U.S. The move by officials prompted investors to unload Chinese stocks listed in the U.S.Īnalysts told Reuters that despite the fact that U.S.The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans.Famous Chinese fitness app has called off plans to file for an Initial Public Offering in the United States amid the latest attempt to crackdown crypto firms by the Chinese government. LinkDoc is likely the first Chinese startup to have retreated from its IPO plans as China’s regulatory agencies stepped up Big Tech oversight. The move against Didi from Chinese regulators came just two days after it went public in the U.S. Sources told Reuters that LinkDoc was in the midst of filing for a $211 million initial public offering (IPO) in New York but scrapped the plans after Beijing pulled Didi from app stores and from payment platforms WeChat Pay and Alipay. Medical data firm LinkDoc Technology and digital fitness platform Keep have both pulled out following regulators’ probes into ride-hailing giant Didi Global, according to separate reports from the Financial Times and Reuters on Thursday (July 8). in light of China’s crackdown on domestic companies looking to list overseas. Two Chinese startups suspended public listing plans in the U.S.
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