![]() tensions.Ĭhina's ruling Communist Party (CCP) has long maintained a tight grip over ideology and propaganda, especially over state media which it can use to assert its authority. "Domestic regulators have become more uncomfortable with Chinese media, content firms which operate in the country and obtain voluminous user data, but are incorporated offshore and now seek overseas listings," one of the sources said.Īnother of the sources said that the Ximalaya move also comes amid Beijing's growing concerns that U.S. regulators will potentially gain greater access to audit documents of Chinese companies listed in New York, notably those that involve massive user or national data. securities regulator began a rollout of rules that would exclude foreign companies from U.S. exchanges if they do not comply with U.S. "The CAC thought Hong Kong would be better for ideological platforms such as Ximalaya," said a third person. ![]() Goldman Sachs (GS.N) and Bank of America (BAC.N),two underwriters on Ximalaya's IPO, declined to comment. The other underwriters Morgan Stanley (MS.N) and CICC (3908.HK) did not respond to requests for comment. It offers users a platform to access free or paid content from roughly 5.2 million professional or amateur content creators.Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close Ximalaya had about 250 million monthly active users, nearly a fifth of China's population, in the first quarter of 2021, according to its IPO prospectus. #Sources chinabased ximalaya linkdoc us ipotimes professional HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc just two days after its New York debut. #Sources chinabased ximalaya linkdoc us ipotimes professional.
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