The ride-hailing firm’s IPO price was set at $14 per share, raising at least $4.4 billion, and closed up 15.98% to reach $16.4 the next day, with a market value of $78.6 billion. Pandaily previously reported that Didi was officially listed on the NYSE on the evening of June 30, under ticker symbol “DIDI”. The platform currently boasts more than 400 million registered users. Ximalaya, or Xima FM, is a professional audio sharing platform used widely in China, which provides consumers with best-selling international audio books, English courses taught by world-renowned professors, Chinese courses for industry experts, and more. Keep is a fitness app with various social networking attributes, and has amassed more than 200 million users. SEE ALSO: Didi’s Mini Programs Removed from WeChat and Alipay, Affecting Its Business Prior to this, on June 11 government officials tested the collection and use of personal information by a range of widely-used apps,notifying 129 of them, including Keep, of their illegal harvesting and use of user data. The developments have already had a strong impact on other companies preparing to list publicly in the United States. In July, 2021, Chinese authorities issued a circular calling for the removal of the “Didi Chuxing” app, then carried out network security reviews on “Yunmanman,” “Huochebang” and “BOSS Zhipin” to ensure accordance with the law. Each ADS is equivalent to four common shares, with the issue price ranging from $17.5 to $19.5.Īccording to CareerIn, citing people familiar with the matter, in the future overseas listings of Chinese companies, including offshore entities, will increasingly be brought under the supervision of China Securities Regulatory Commission. Pandaily previously reported that LinkDoc had originally prepared to list on the Nasdaq on July 9, under ticker symbol “LDOC,” where it planned to issue 10.8 million American Depository Shares (ADS). At the end of the month, IFR reported that Keep, supported by SoftBank and Tencent, also intended to go to the United States for an IPO, raising $500 million. On May 12, LinkDoc was reported to be planning an IPO, cooperating with Bank of America, CICC and Morgan Stanley, possibly raising about $500 million in the process. On May 1, Ximalaya submitted an IPO application to the SEC, with Goldman Sachs, Morgan Stanley, Bank of America and CICC acting as joint underwriters. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. Subscribe now to stay ahead of the curve with the most trusted source of business information.The Financial Times reported on Thursday that Keep, a Chinese sports-oriented social platform, and Ximalaya, the largest podcast platform in China, have both cancelled previous IPO plans in the United States during recent weeks. listing of a Chinese company, following the start of Alibaba Group Holding Ltd. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte, according to a preliminary filing.Ĭhinese companies have raised about $ 13 billion from the first sale of shares in the United States this year, according to data compiled by Bloomberg. LinkDoc, founded in 2014, provides cancer-focused healthcare services based on big data and artificial intelligence, its website says. A representative for LinkDoc declined to comment. Reuters announced the end of LinkDoc’s IPO earlier Thursday. is incorporated outside of China, closing a loophole long used by the country’s tech giants, Bloomberg News reported this week. The delay in LinkDoc’s IPO also comes as regulators in Beijing plan rule changes that would allow them to prevent a Chinese company from listing overseas even though the unit sells shares. Read more: Didi sued against US shareholders after China crackdown plunged after the government ordered the rideshare giant’s app to be removed from local app stores within days of its $ 4.4 billion state IPO. organized the operation.Ĭhinese tech stocks suffered a rout after China announced a new era of tighter cybersecurity oversight. LinkDoc was due to price the offer on Thursday, which could have raised up to $ 211 million. Market volatility played a role in the postponement and the Beijing-based medical data company may revisit its listing plans when conditions improve, said one of the people, who asked not to be identified. has halted its plans for an IPO in the United States, said people familiar with the matter, the first known company to pull out of its early stages after the Chinese government cracked down on overseas listings.
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