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Deepti Sri · · 1 min readReport: Ant-backed bike-sharing firm Hello scraps plans for IPO in US
“Hello, the bike-sharing firm backed by Ant Group, said on Wednesday that it would scrap its plans to go public in the US, becoming the most high-profile offering to fall victim to a crackdown on technology firms by Chinese regulators,” South China Morning Post reported.
Details:
- Hello has withdrawn its application to list on the US stock exchange and said it “no longer wishes to conduct a public offering of securities at this time.”
- The bike-sharing company was reportedly working confidentially with China International Capital, Credit Suisse, and Morgan Stanley on the listing, which was slated for March.
Dive deeper:
- The change in plans comes amid a wave of companies stepping away from public markets as increased scrutiny on Chinese tech firms eyeing overseas listings has dampened investor appetite. (Read: The leading Asian tech players eyeing an IPO in 2021)
- Earlier this month, China’s cyberspace regulator banned Didi Global from all app stores just a month after its US stock market debut on grounds of an alleged breach in data protection rules.
Editing by Miguel Cordon and Arpit Nayak
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