Ximalaya hasn’t filed to list in Hong Kong.Ĭhina’s most popular fitness app, Keep, which operates under parent group Beijing Calories Technology, was eyeing a $500 million NYSE listing, but didn’t follow through on the debut that was supposed to take place this week, the FT reports. The Shanghai company was set to list in New York as early as May but was pressured by regulators, including the CAC, to debut in the Asian financial hub instead, according to Reuters. Podcast and radio platform Ximalaya dropped its NYSE listing plans in recent weeks after discussions with regulators yielded an understanding that “a Hong Kong listing would be regarded as a preferred outcome,” a source told the Financial Times. None of the five companies replied to Fortune’s request for comment. The value of the five shelved IPOs exceeds $1.4 billion, according to Refinitiv data.
this year.Īll five companies that have delayed their IPOs operate high-tech app platforms that accumulate, store, and deploy important consumer data, from health to lifestyle to location information-exactly the kind of troves Beijing wants to protect. IPOs around the time of Beijing’s action against Didi or just before it, bolstering the case that the new regulatory campaign will slow down or halt Chinese listings on American exchanges and casting doubt on the 17 other Chinese IPOs that are planned for the U.S.
The Chinese state is ensuring that tech companies’ data, and those who control it, “remain well within China’s sphere of influence,” wrote Michael O’Rourke, chief market strategist at JonesTrading on Wednesday.įour other Chinese firms halted their U.S. that may face similar questions over the way they store data,” said a July 5 Gavekal Research note. Beijing’s recent moves “pose big risks for Chinese listing candidates in the U.S.
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