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On Tuesday, Beijing said it would tighten restrictions on overseas listings of Chinese companies in a development that could threaten more than $2tn worth of shares on Wall Street. It was due to price its shares on Thursday and expected to raise more than $200m, Reuters reported. Meanwhile LinkDoc Technology, a Chinese medical data solutions provider, shelved its Nasdaq IPO plans this week, according to a person with knowledge of the matter.

The company had issued a prospectus in April. “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” the person said. Ximalaya, China’s biggest podcasting platform, also cancelled its US IPO in recent weeks, according to a person familiar with the company.

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The move is one of the first signs that the probe into possible data security breaches by Didi and other US-listed Chinese companies, including truck-hailing app Full Truck Alliance and online recruiter Boss Zhipin, is likely to impact billions of dollars of technology listings that are planned for New York this year. Keep, which is backed by Japan’s SoftBank and China’s Tencent and is expected to raise up to $500m, did not go ahead with its planned public filing while its bankers at Morgan Stanley cancelled marketing meetings with investors this week, according to two people familiar with the matter. IPO is seen as an example of the great lengths the Chinese government will pursue, even if a company has a high-profile name and numerous foreign investors.China’s most popular fitness app pulled out of plans to file for an initial public offering in the US last week as Chinese regulators announced an investigation into data security concerns at Didi, a ride-hailing group. “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” the source told FT.Ĭhina’s crackdown on Didi following its U.S. The Chinese podcast platform Ximalaya recently suspended its U.S. The truck-hailing app Full Truck Alliance and online recruiter Boss Zhipin are two of the many Chinese companies that filed plans to go public in New York IPOs this year and are being subjected to intense scrutiny. The popular Chinese fitness app Keep is backed by Japan’s SoftBank and China’s Tencent and was looking to raise $500 million, sources told FT. IPO endeavors as Beijing intensified its policing of technology platforms in China. The news of LinkDoc ran parallel to the decision by Keep to pull its $500 million U.S. public listings are not forbidden, the move by LinkDoc is expected to spark a pull-out by additional Chinese companies with 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. 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.