David is a widely cited China expert with twenty years' experience who has served as a Peace Corps Volunteer in China, founded and sold a media company, and worked in senior positions within multiple newsrooms. IPOs due to regulatory pressure include fitness tech company Keep, medical data company LinkDoc Technology and podcasting platform Ximalaya FM.ĭavid Wertime is Protocol China's former executive director. Following DiDi's market debut, the Cyberspace Administration of China began an investigation into its data security and ordered it to halt new user registrations in China.Īccording to reporting by the Financial Times, other Chinese tech companies who have delayed, reconsidered or canceled U.S.
The firm, worth at least $180 billion per a recent funding round, was mulling an offering in the United States or Hong Kong but paused after Chinese officials asked the company to look into data security risks, the Journal reports.īyteDance's path offers a marked contrast with ride-hailing giant DiDi, which reportedly went ahead with an IPO on the New York Stock Exchange in early July after being urged by the country's Cyberspace Administration not to proceed. Reuters reported last week, citing a source with knowledge of the matter, that Didi aims to complete the Hong Kong listing as soon as in the next three months, and delist from New York by June 2022.ĭidi's shares closed at $6.66 on Thursday, more than 50% below their launch price.According to reporting from The Wall Street Journal, Chinese tech giant ByteDance decided to delay its much-anticipated IPO earlier this year at the urging of regulators in Beijing. Goldman was one of the main underwriters of Didi's New York IPO, along with Morgan Stanley ( XS1185027957) and JPMorgan ( XS1061519465). The sources were not authorised to talk to the media and therefore declined to be identified. The company, sometimes dubbed the Uber of China, has also asked the Wall Street investment bank to come up with proposals on how a Hong Kong listing and New York delisting would work, said two of the sources.ĭidi did not respond to a Reuters request for comment. Given the short time since its New York debut, Didi will have to apply for a dual-primary listing in Hong Kong, instead of a secondary one which requires at least two financial years of good regulatory compliance on another qualifying exchange. A separate source said Didi was also in talks with other investment banks including some Chinese banks. Two sources said Didi was looking to appoint Goldman to work on the Hong Kong listing before embarking on the New York delisting. The company is under pressure from Beijing to quit the New York Stock Exchange after running foul of Chinese authorities by pushing ahead with its IPO despite being asked to put it on hold while a review of its data practices was conducted. delisting, said three sources with knowledge of the matter, as it moves to withdraw from the New York exchange after just five months.ĭidi, which made its debut in New York on June 30 after raising $4.4 billion via an initial public offering (IPO), said last week that it plans to delist from the U.S. China's Didi Global ( DIDI/N) plans to hire Goldman Sachs ( GOS) for its planned Hong Kong listing and U.S.
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