12/31/2023 0 Comments Sources didi keep linkdoc us"Buying is fueled by an expectation that HKEX may become the only IPO center for Chinese firms seeking listing and the main center for raising foreign capital," said Steven Leung, sales director at brokerage UOB Kay Hian in Hong Kong.HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has shelved plans for an IPO in the United States following Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. Underscoring that optimism, shares in Hong Kong Exchanges and Clearing Ltd (HKEX) rose as much as 6.2% on Wednesday, and was the second most actively traded stock by turnover. ![]() Some bankers said the latest regulatory clampdown will further boost Hong Kong's allure as a fundraising venue for Chinese companies looking to avoid the new restrictions for listing in the United States. Goldman Sachs declined to comment while Morgan Stanley and JPMorgan did not respond. Goldman Sachs, Morgan Stanley and JPMorgan are at the top of the league table for deal volume, according to the data. Investment banking fees from Chinese offerings were worth $485.8 million so far in 2021, Refinitiv data shows. Wall Street banks, which have benefited from Chinese firms' rush to list in New York in recent years, are also expected to take a hit on their fee income in the near-term, according to bakers. LinkDoc did not immediately respond to a request for comment. There has been no change to that time table yet, according to two sources with direct knowledge. LinkDoc Technology Ltd which is described as a Chinese medical data solutions provider, is currently raising up to $211 million in a US IPO and is due to price its shares after the US market closes Thursday. While the latest crackdown has dimmed the outlook for large Chinese IPOs in New York, not all companies are rushing to pull their ongoing offerings just yet. The measures come as the US securities regulator in March began rolling out new regulations that could see Chinese companies delisted if they do not comply with US auditing rules. "It's a clear signal that the Chinese government is not particularly happy that these firms continue to decide to raise capital in the west," said Jordan Schneider, a technology analyst at research firm Rhodium Group. ![]() The CAC also announced probes into Kanzhun Ltd's online recruiting app Zhipin and truck hailing company Full Truck Alliance. ![]() It was the largest Chinese IPO in the US since e-commerce giant Alibaba Group raised $25 billion in 2014.įor investors, the euphoria was shortlived, with Didi's shares diving 27% since its debut on June 30. The broader regulatory clampdown and Didi's listing dustup drove the S&P/BNY Mellon China Select ADR Index, which tracks the American depositary receipts of major US-listed Chinese companies, down 3.4% on Tuesday.Ĭatching many investors, and Didi, off-guard, the Cyberspace Administration of China (CAC) on Sunday ordered the ride-hailing firm to remove its apps from app stores in China for illegally collecting users' personal data, less than a week after it made its debut on the New York Stock Exchange following its $4.4 billion initial public offering.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |