But those could hold less attraction for tech companies, since many of their early backers are from outside China and would prefer to recoup their investments in foreign currencies rather than the less-convertible Chinese yuan.Īll that said, let’s delve into Ximalaya’s new IPO prospectus filed this week in Hong Kong. Hong Kong does seem like a good compromise for many of these companies, since its financial markets are quite international and are also increasingly open to mainland Chinese investors.īeijing would also like to see many of these tech companies list on two Nasdaq-style boards on the mainland, one in Shanghai and the other in Shenzhen. Others that followed a similar path include shared bike operator Hello Inc., medical data firm LinkDoc Technology and online dating platform Soulgate, the last two of which each provided some high drama with 11th-hour scrappings of their trading debuts. listings this year, only to see those plans stall.
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It offers users a platform to access free or paid content from roughly 5.2 million professional or amateur content creators.The bottom line was that Ximalaya was one of about a half dozen Chinese firms to file for U.S. 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. The other underwriters Morgan Stanley (MS.N) and CICC (3908.HK) did not respond to requests for comment.
Goldman Sachs (GS.N) and Bank of America (BAC.N)，two underwriters on Ximalaya's IPO, declined to comment. "The CAC thought Hong Kong would be better for ideological platforms such as Ximalaya," said a third person. exchanges if they do not comply with U.S. securities regulator began a rollout of rules that would exclude foreign companies from 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. "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. 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. The potential change of venue comes as China further tightens its ideological grip on private media and internet businesses amid China-U.S. IPO in late April, has started pre-marketing the float since early May and looked to raise about $500 million, said two of the sources. Shanghai-based Ximalaya, which filed publicly for the U.S. The CAC and Ximalaya did not respond to requests for comment. It will make a final decision about the listing venue within the next two weeks, they added.
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