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 Chinese podcast platform Ximalaya recently suspended its U.S. “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. 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.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. 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. "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. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The sources declined to be identified as the information has not yet been made public. LinkDoc did not immediately respond to a request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool.
So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. Listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.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.
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