![]() The regulator has adopted a series of unprecedented measures to lift the market, including prohibiting major shareholders of listed companies from selling shares, suspending IPOs and investigating short sales that may involve possible market manipulation. Market turnover shrank as volatility surged, indicating investor sentiment has not fully recovered to the level before the market peaked in mid-June. The benchmark Shanghai Composite Index fell 1.13 percent to close at 3,663.73 points, capping the worst monthly decline in six years. and it is a systematic and gradual process," Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, told a news conference in Beijing.Ĭhina's equities market has suffered a second dip after witnessing a massive 30 percent sharp correction after mid-June and in July.īeijing's pledge to adopt a proactive fiscal policy and maintain a prudent monetary policy to stimulate the economy failed to cheer the weak investor sentiment on Friday. "The launch of the registration-based system is a significant step in the nation's capital market reform. The new IPO system has been widely expected to be rolled out after the amendments of the country's Securities Law by the top legislature, which is to finish the last round of review in October. The regulator dismissed market concerns that the recent swings may delay the much-anticipated launch of the registration-based scheme for initial public offerings. Ximalaya drops US IPO plan amid China's crackdown on overseas listing - PingWest English 中文 Chinese Digital Audio Platform Ximalaya Applies for Listing in Hong Kong after Retracting US IPO.Direction of capital market reforms in China will not see any major changes, says regulatorĬhina's securities regulator said on Friday that the temporary halt in new share offerings is a necessary measure to stem the ongoing stock market rout and the direction of the long-term, market-driven reform of the country's capital market has not changed. Ximalaya has submitted an application for listing to the HKEx on Monday after dropping plans to list publicly in the United States. The firm's co-sponsors were Goldman Sachs, Morgan Stanley and CICC. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm 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.Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. IPO plan and list in Hong Kong instead since May.Under. 09:12AM (Updated: 09:49AM) Chinese companies in need of capital have long headed to the US stock market to tap deep-pocketed investors, raising more than US100 billion in. 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. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. ![]() ![]() IPO plan and list in Hong Kong instead since May. 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. Chinese tech companies including fitness app Keep, podcast operator Ximalaya, and LinkDoc Technology have all shelved their planned New York listings. ![]() 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. Yet the pressure for Chinese tech companies doesn't stop there - 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. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. LinkDoc Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg.
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