![]() The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd (0241.HK), LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "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. 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. 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. Goldman Sachs Group Inc, Morgan Stanley, and China International Capital Corp are joint sponsors of Ximalaya's Hong Kong offering, according to a preliminary prospectus.Register now for FREE unlimited access to Register It had previously dropped a plan to list in New York as Chinese regulators stepped up scrutiny over domestic firms flocking to US exchanges, probing them over national security concerns. Ximalaya - which counts Tencent Holdings Ltd, Baidu Inc, and Sony Music Entertainment as backers - first filed for a Hong Kong IPO in 2021. This month, a few companies including logistics start-up GogoX Holdings Ltd and battery material supplier Tianqi Lithium Corp are set to defy the slump and are going ahead with their Hong Kong listing plans. Companies have raised about US$2.4 billion through IPOs so far this year, only a fraction of the US$26.2 billion raised during the same period in 2021, according to data compiled by Bloomberg. Hong Kong's IPO market has seen its sharpest swing in a decade, with inflation concerns and the war in Ukraine contributing to market volatility. A representative for Ximalaya declined to comment. Ximalaya has not formally set a new timeline, and details of the offering could still change, the people said. The company, which was considering seeking less than US$100 million, made the final decision to hold off in the last 24 hours, the people said. It ultimately determined that it would be too hard to kick off the offering this month given disagreements over valuation amid the market turmoil, another person said. Ximalaya met with lukewarm demand during early talks with prospective investors, one of the people said, asking not to be identified because the information is private. It has now decided to hold off until September at the soonest, the people said. The Shanghai-based company was speaking with potential cornerstone investors in recent days and was considering to start taking orders as soon as next week if talks went well, Bloomberg News reported earlier. HONG KONG (June 21): Chinese podcasting start-up Ximalaya Inc is pushing back the launch of its planned initial public offering (IPO) in Hong Kong, in an abrupt change of heart amid market volatility, people familiar with the matter said.
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