Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. Chinese regulators are concluding their probes into ride-hailing platform Didi, digital freight platform Full Truck Alliance, and online recruitment platform Kanzhun, in preparation of lifting the current ban on adding new users.Capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. Sources didi chinabased keep linkdoc us full#Īs a result, these companies’ apps will now be allowed to be listed on domestic app stores and allow new registrants, the Wall Street Journal reported on Monday, citing people familiar with the discussion.Īffected by the news, Didi’s stock price soared by over 60% and Full Truck Alliance’s rose by over 37%, while Kanzhun’s rose by over 20%. last June, but soon after, the Chinese government began to strengthen network censorship and conduct data security investigations into these companies.īut 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. 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. 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. Sources didi chinabased keep linkdoc us drivers# On June 22, 2021, the company was listed on the New York Stock Exchange. 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. securities regulator last week it was withdrawing its IPO application first filed last June.Īccording to a report by Cailian Press, these apps have now resumed new user registrations.Medical big data firm LinkDoc Technology Limited ( LDOC) has formally signaled the end of its hopes for a U.S. Readers might recall this company had the misfortune of trying to list at the height of a storm centered on the Uber-like DiDi Global ( DIDI ) over data security concerns from China’s cybersecurity regulator. “In light of the current capital markets condition, the company is considering other alternatives and has determined not to proceed at this time with the offering and sale of the securities proposed to be covered by the registration statement,” LinkDoc said in a brief statement accompanying its withdrawal notice dated April 11. Sources didi chinabased keep linkdoc us registration# listing now formally dead, the big questions are: What will LinkDoc do next, and what’s ahead for the handful of other Chinese companies that had filed for U.S. IPOs around the same time and have gone silent since then? At least one such plan appears to still be moving forward, which we’ll describe shortly.Ī potential alternative for LinkDoc and the others could be Hong Kong listings, and it’s quite possible the formal withdrawal of its U.S. IPO application means LinkDoc has begun the early confidential steps for a Hong Kong IPO that could soon lead to its first public filing. Sources didi chinabased keep linkdoc us registration#.Sources didi chinabased keep linkdoc us full#.Sources didi chinabased keep linkdoc us drivers#.
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