Chinese Companies Abandon US Stock Listings Amid Government Regulations

Online Audio Platform 'Himalaya' Withdraws IPO Plans

'Himalaya' logo [Photo by Baidu]

[Asia Economy Reporter Kim Suhwan] As the Chinese government’s corporate regulations intensify day by day, companies are consecutively abandoning their plans for initial public offerings (IPOs) on the U.S. stock market.

China’s largest online audio platform, Himalaya, has reportedly applied to the U.S. Securities and Exchange Commission (SEC) to withdraw its IPO plan, according to the economic media outlet Caijing on the 10th.

This move comes amid Chinese authorities putting brakes on domestic companies’ U.S. IPOs.

There were reports in May that China pressured Himalaya to cancel its U.S. listing plan and instead list in Hong Kong.

Himalaya, which received investment from Tencent, had applied for an IPO in April.

Earlier, Hello, a Chinese bike-sharing company invested in by Jack Ma’s Ant Group, canceled its U.S. IPO plan at the end of July.

Medical data company LinkDoc Technology also abandoned its U.S. IPO plan in the same month.

This year, Chinese companies were actively listing on the U.S. stock market. However, when China’s largest ride-hailing company Didi Chuxing pushed forward with its New York Stock Exchange listing at the end of June despite authorities’ requests for restraint, the IPO boom cooled off after just three days when it faced national security and antitrust investigations from the authorities.

The Cyberspace Administration of China, the country’s internet regulatory authority, has mandated that internet service providers with over one million members must undergo cybersecurity reviews by the authorities before listing overseas.

This content was produced with the assistance of AI translation services.