SEE ALSO: Faced with Possible Effects of Didi App Removal, Chinese Companies Keep, Ximalaya and LinkDoc Cancel IPO Plans in USĪccording to its official website, Shanghai Ximalaya Technology Co., Ltd., established in 2012, is a leading online audio sharing platform in China. In terms of user data, as of the first quarter of 2021, there were 250 million monthly active users of Ximalaya products, including 104 million monthly active users of the Ximalaya app and 146 million monthly active users of IoT products and other third-party open platforms. In the first quarter of 2021, the company’s operating income was 1.16 billion yuan, a year-on-year increase of over 65%. The prospectus shows that in 2020, Ximalaya’s operating income was 4.05 billion yuan ($628 million), a year-on-year increase of more than 50%. On May 1 this year, Ximalaya publicly submitted an IPO application to the SEC. Meanwhile, Chinese media outlet Sina Tech has reported that Ximalaya previously registered Xima Holdings Limited in Hong Kong on August 23. on Friday, after applying for a listing in the country in April earlier this year. auditing rules.īREAKINGVIEWS-Chinese IPO detour benefits Hong Kong only so muchĭidi extends slide as Beijing clampdown sounds alarm for U.S.According to documents produced by the United States Securities and Exchange Commission (SEC), Chinese streaming platform Ximalaya requested to withdraw its initial public offering (IPO) plan in the U.S. regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. 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. later this year, a review of the filings showed. market close on Thursday.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd 0241.HK, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S.
Beijing also said on Tuesday it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks.
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