The city's bourse also is on pace to triple the pace of debuts by pre-revenue biotechnology companies this year, with 29 new listing applications in the pipeline. As part of their clampdown, Chinese regulators introduced new rules to review all overseas listings by firms who hold the personal data of 1 million or more Chinese people.Īdded together, the moves are pausing the plans of dozens of Chinese firms who have filed to go public in the United States this year, causing some of them to consider listing in Hong Kong to access global capital. The company, which dominates China's ride-hailing market, reportedly pushed forward with the biggest IPO by a Chinese company in the US since 2014 before Beijing regulators completed a data security assessment, prompting a deeper review by China's top cybersecurity regulator. Top Glove, the world's biggest rubber glove maker, is expected to renew its plan to list in Hong Kong.ĭo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
China's largest artificial intelligence company SenseTime Group and 58 Freight, the operator of Hong Kong's GoGoX, filed in August.
They are among nearly a dozen firms who have filed paperwork to go public in the city since the beginning of September. Ximalaya, China's biggest podcasting platform backed by Tencent Holdings, and Xintiandi, the Shanghai commercial property assets of tycoon Vincent Lo Hong sui's Shui On Land, both filed to list in Hong Kong. The US Securities and Exchange Commission also began issuing new disclosure requirements to Chinese companies who are looking to list in New York, in an effort to boost investor awareness on the risks involved, Reuters reported in August.Hong Kong's pipeline for initial public offerings (IPOs) is starting to fill up as more companies emerged from the summer lull to file their listing plans, potentially helping the city catch up with New York in the global race for fundraising. Last month, Reuters reported that China was framing rules to ban Internet companies whose data poses potential security risks from listing outside the country. Ximalaya, backed by China's Tencent Holdings, had filed for an IPO in April.Ĭhinese and US regulators alike have been tightening their grip on US listings of Chinese tech firms over the past few months. Medical data group LinkDoc Technology Ltd in July became the first Chinese company to shelve plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms. The move comes after Reuters reported in May that China was pressing Ximalaya to drop its plans to list in the United States and go for Hong Kong instead, showing how authorities are seeking to further tighten their grip over private media and internet businesses. China's largest online audio platform Ximalaya said on Thursday (Sep 9) it had decided not to proceed with its plans for an initial public offering (IPO) in the United States.
0 kommentar(er)
