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• #DIDI KEEP XIMALAYA LINKDOC US DRIVERS#

But the three companies are expected to face financial penalties while offering the government a 1% stake and direct government involvement in corporate decision-making.Īll three companies were listed in the U.S. last June, but soon after, the Chinese government began to strengthen network censorship and conduct data security investigations into these companies. Investigators conducted a month-long on-site investigation into the companies’ internal records, emails and internal communications, but authorities did not find any substantive problems with the companies, according to people familiar with the matter.Īmong the three companies, Didi has been the hardest hit and still faces scrutiny from Chinese security departments and relevant departments in the US. A few days after Didi went public in New York, the Chinese regulator ordered the removal of 25 mobile apps operated by the company. It also asked the company to stop registering new users, citing national security and public interest reasons.

#DIDI KEEP XIMALAYA LINKDOC US DRIVERS#

SEE ALSO: Ride-hailing Didi to Be Delisted from NYSEįull Truck Alliance has been committed to building an efficient platform to match drivers and consignors.

On June 22, 2021, the company was listed on the New York Stock Exchange. According to a report by Cailian Press, these apps have now resumed new user registrations.Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close In July, 2021, the National Cyberspace Administration carried out a network security review on its apps “Yunmanman” and “Huochebang” and set limits on the registering new users. HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc just two days after its New York debut. That was soon followed with an order for Didi's app be removed from app stores.īeijing also said on Tuesday it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S. listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. and make it more difficult to raise funds overseas," he said.īacked by Alibaba (NYSE: BABA) Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The sources declined to be identified as the information has not yet been made public.

LinkDoc did not immediately respond to a request for comment.