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. 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. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. 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. "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.
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.
#SOURCES CHINABASED XIMALAYA LINKDOC US PROFESSIONAL#
It provides users with a platform to access professional or amateur content from roughly 5.2 million free or paid content creators.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.
In the first quarter of 2021 Ximalaya had about 250 million active monthly users, nearly a fifth of China's population, according to the filings. Reuters reported last month that China has declared rules to ban companies dealing with ideology issues from listing outside the country, including in the United States.Īccording to its initial filings, Ximalaya is backing by tech companies Tencent, Xiaomi, Baidu and Sony Music Entertainment, as well as by tech firms Tencent and Xiaomi. The decision to turn over Hong Kong to the United States comes as Chinese authorities continue tightening their ideological grip on private media and internet businesses amid China-U. listing plans and go public in Hong Kong instead. Reuters reported in May that Ximalaya, the country's top podcast and mobile app operator, had been pushed by China’s regulators including the Cyberspace Administration of China CAC to withdraw its U.S. The company has aimed to launch in Hong Kong by the end of the year, said one of the sources. Two said the company is targeting a larger sum than the $500 million that they had planned to raise in IPOs. The Size of the float has not been determined, according to the sources.
All three sources with direct knowledge of the matter could not be named because the information has not been made public. Instead, it will file a preliminary listing and press ahead with its high-quality preliminary prospectus as early as Monday, two sources said. which Reuters reported in May aimed to raise about $500 million. The Shanghai-based company announced on Thursday it will not proceed with its IPO in the U.S. HONG KONG Reuters - China's largest online audio platform Ximalaya will file for its initial public offering IPO next week after dropping its plans to list in the United States, according to three sources with direct knowledge of the matter.
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