LinkDoc Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. Securities and Exchange Commission is also issuing new disclosure requirements, asking Chinese companies to reveal their use of variable interest entities (VIEs) to investors. Yet the pressure for Chinese tech companies doesn't stop there - the U.S. IPO plans since July.Īccording to Reuters, China is currently framing new regulations to ban IPOs outside of the country for tech companies with data security risks. Under pressure from regulators and distrust from investors, many Chinese companies such as Xiaohongshu, a social commerce platform backed by Alibaba and Tencent Keep, a fitness app backed by Tencent and Ximalaya, have either dropped or suspended their U.S. IPO plan and list in Hong Kong instead since May. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. Thursday, Ximalaya, one of China's most prominent audio streaming platforms backed by Tencent, said it will drop its IPO plan in the United States filed in April. 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. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm So far this year, a record 12.5 billion by Chinese firms has been raised from 34 U.S. Ximalaya drops US IPO plan amid China's crackdown on overseas listing - PingWest English 中文
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