It boasts rich experience in content production and channel distribution. In 2021, monthly active users reached 268 million. Ximalaya is a popular online audio sharing platform in China. A few months after bankers held a record for making Chinese companies public in New York and Hong Kong, they have had a rude awakening. Meanwhile, the seven English audiobooks of the Harry Potter series will also go online on Ximalaya on June 21, bringing more choices for listeners. Bids are being filed and investors are suffering huge losses.Īfter a fortnight in which China repressed its Uber-like Didi Global Inc., just days after a commercial debut in the United States, a global chill was resolved, quickly followed by the State Council which announced a more detailed examination of all offshore quotes. A cybersecurity review for companies with data on more than a million users was proposed on Saturday before looking for listings in foreign countries. The warning signs had been blinking for some time. As insurers hit a record $ 1.5 billion in fees last year to help Chinese companies with initial overseas bidding, relations between China and the United States shrank. In December, Donald Trump signed a bill that could remove Chinese companies that do not comply with audit inspection rules. The move against Didi from Chinese regulators came just two days. Simultaneously, President Xi Jinping stepped up oversight of large technology companies, in part to secure the treasury of data they control. IPO as the fallout from Chinas crackdown on data-rich companies listing overseas continues. The moves jeopardize the frantic negotiation that took place during the pandemic and the lucrative offshore listing business that earned about $ 6.4 billion in commissions since 2014, when Alibaba Group Holding Ltd. they topped the league tables during that stretch, when nearly 40 percent of the commissions came from U.S. bids.īankers now say they expect most Chinese IPOs destined for U.S. stock exchanges to be suspended or diverted elsewhere, entering the projected revenue for the year given the significantly lower rates in Hong Kong. The quotation requirements in the financial center and in mainland China are also stricter, which means that there are no certain offers. “There are some uncertainties that can take a month or two to follow,” said David Chin, head of investment banking in Asia Pacific at UBS Group AG, about China’s changing rules in a briefing.
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