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Deepti Sri · · 1 min readReport: Over 100 tech startups have withdrawn plans to list on Chinese exchanges
“A growing number of Chinese tech startups are cancelling plans to list on Nasdaq-style markets at home, with some eyeing Hong Kong share sales instead, as regulators tighten scrutiny of IPO applicants after the halting of Ant Group’s US$37 billion float,” reported Reuters.
Details:
- Exchange filings state that over 100 companies have voluntarily withdrawn applications to list on Shanghai’s STAR Market and Shenzhen’s ChiNext following Ant’s failed IPO in November.
- The withdrawal of a public listing plan comes as regulators are demanding more stringent due diligence from underwriters, according to an undisclosed banker.
Context:
- In May, the Shanghai exchange halted Ant Group’s A-share IPO on its STAR Market a day before the anticipated listing.
- Chinese regulators also heightened scrutiny on alleged antitrust violations of companies including Alibaba Group and China Literature, Tencent’s e-book spinoff.
Editing by Collin Furtado
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