The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to 500 million in the IPO.ĭetails: Keep did not go ahead with its planned public filing while its bankers at Morgan Stanley canceled marketing meetings with investors this week, Financial Times reported, citing people familiar with the matter. 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. "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. 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. securities regulator began a rollout of rules that would exclude foreign companies from U.S. Sources keep linkdoc us ipotimes The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. exchanges if they do not comply with U.S. Chinese companies have raised about US13 billion through first-time share sales in the US this year, Bloomberg data showed. "The CAC thought Hong Kong would be better for ideological platforms such as Ximalaya," said a third person. Didi’s IPO was the second largest US listing by a Chinese firm on record, after Alibaba Group Holding Ltd’s () US25 billion blockbuster debut in 2014. Goldman Sachs (GS.N) and Bank of America (BAC.N)，two underwriters on Ximalaya's IPO, declined to comment. The decision to pull the LinkDoc deal was due to the crackdown, the sources said.
The other underwriters Morgan Stanley (MS.N) and CICC (3908.HK) did not respond to requests for comment.
One of the sources said the regulatory uncertainty affected both the company and investors. LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S. 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.
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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. #Didi keep ximalaya linkdoc us ipotimes professional# #Didi keep ximalaya linkdoc us ipotimes professional#.
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