David then served as Senior Editor for China at Foreign Policy magazine, where he launched the first Chinese-language articles in the publication's history. After four years working on international deals for top law firms in New York and Hong Kong, David co-founded Tea Leaf Nation, a website that tracked Chinese social media, later selling it to the Washington Post Company. He also hosts POLITICO's China Watcher newsletter. David is a widely cited China expert with twenty years' experience who has served as a Peace Corps Volunteer in China, founded and sold a media company, and worked in senior positions within multiple newsrooms. IPOs due to regulatory pressure include fitness tech company Keep, medical data company LinkDoc Technology and podcasting platform Ximalaya FM.ĭavid Wertime is Protocol China's former executive director. Following DiDi's market debut, the Cyberspace Administration of China began an investigation into its data security and ordered it to halt new user registrations in China.Īccording to reporting by the Financial Times, other Chinese tech companies who have delayed, reconsidered or canceled U.S. The firm, worth at least $180 billion per a recent funding round, was mulling an offering in the United States or Hong Kong but paused after Chinese officials asked the company to look into data security risks, the Journal reports.īyteDance's path offers a marked contrast with ride-hailing giant DiDi, which reportedly went ahead with an IPO on the New York Stock Exchange in early July after being urged by the country's Cyberspace Administration not to proceed. 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.According to reporting from The Wall Street Journal, Chinese tech giant ByteDance decided to delay its much-anticipated IPO earlier this year at the urging of regulators in Beijing. “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.
#SOURCES CHINABASED KEEP LINKDOC US FULL#
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.
0 kommentar(er)
