#SOURCES CHINABASED XIMALAYA LINKDOC FOR FREE#
#SOURCES CHINABASED XIMALAYA LINKDOC PROFESSIONAL#

#SOURCES CHINABASED XIMALAYA LINKDOC PROFESSIONAL#

It offers users a platform to access free or paid content from roughly 5.2 million professional or amateur content creators. 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. Good morning This Tuesday, ByteDance pauses its IPO indefinitely, Twitter reopens its headquarters, and the most anticipated tech book of the summer is out. 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.

#SOURCES CHINABASED XIMALAYA LINKDOC FOR FREE#

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.Register now for FREE unlimited access to Register

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.

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