Other deals that could be in doubt include Hong Kong delivery firm Lalamove’s potential $1 billion IPO. IPO is also in limbo, according to people with knowledge of the matter. public filing, the Financial Times reported. IPO on Thursday.įitness app Keep has also opted not to go ahead with a planned U.S. One immediate victim was LinkDoc Technology Ltd., a Beijing-based medical data company, which halted preparations for a U.S. In the meantime, what had been a healthy IPO pipeline is weakening. has been very supportive of Chinese internet companies, the development of them, and the subsequent financing.” “Ultimately, China will find a solution because the U.S. “There are some uncertainties that might take one or two months to work its course,” David Chin, head of investment banking in Asia Pacific at UBS Group AG said of China’s changing rules at a briefing last week. Listing requirements in the financial hub and mainland China are also more stringent, making deals there far from certain. deals.īankers now say they expect the majority of Chinese IPOs aimed for American exchanges to be suspended or diverted to other venues, eating into projected revenue for the year given the significantly lower fees in Hong Kong. topped the league tables over that stretch, when nearly 40% of fees came from U.S. The moves imperil the frenetic dealmaking seen during the pandemic, and the lucrative business of offshore listings that’s pulled in some $6.4 billion in fees since 2014, when Alibaba Group Holding Ltd.’s began trading in New York. Simultaneously, President Xi Jinping stepped up oversight of big technology firms, partly to secure the treasure trove of data they control. In December, Donald Trump signed a bill that could delist Chinese companies that don’t meet audit inspection rules. As underwriters totted up a record $1.5 billion in fees last year from helping Chinese firms with initial public offerings offshore, relations between China and the U.S. The warning signs had been flashing for a while. On Saturday, a cybersecurity review was proposed for companies with data on more than 1 million users before they seek to list in foreign countries. trading debut, followed swiftly by the State Council announcing closer scrutiny of all offshore listings. Deals are being shelved and investors are nursing heavy losses.Ī chill has settled over global finance after a fortnight in which China first cracked down on its Uber-like Didi Global Inc. Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Just months after bankers celebrated a record haul from taking Chinese companies public in New York and Hong Kong, they’ve had a rude awakening. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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