Beijing however revealed that its main concern is whether foreign government officials are gaining access to its citizens’ data as part of the listings. China’s latest attempt at its crypto crackdown has triggered a sell-off in Chinese technology stocks. The announcement stated that Chinese companies will endure difficult processes to earn a listing in the US. The latest investigation by Chinese regulators into possible data security breaches by DiDi and other Chinese companies listed in the U.S according to market experts is going to disrupt billions of dollars of technology listings that are planned for New York this year.īeijing announced on Tuesday that it was stretching its oversight and tightening its restrictions on the growing number of Chinese companies listed on US exchanges in a move that could threaten more than $2t worth of shares on Wall Street. Keep which is backed by China’s Tencent and Japanese banking giants SoftBank was expected to raise over $500 million but has now canceled its plan to file for an IPO while Morgan Stanley, its bankers have also canceled numerous marketing meetings with investors this week. According to sources close to the company of the Chinese fitness app, the decision not to follow through with its New York IPO plans came after Chinese regulators announced an investigation into data security concerns at ride-hailing company DiDi. Nick Marinoff writes New York Suggests Two-Year Moratorium on Crypto Mining Jay Zhuang writes Risk-Aversive Bets Reigned Amid Terra’s Notorious Plunge (Report) The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans.įamous Chinese fitness app has called off plans to file for an Initial Public Offering in the United States amid the latest attempt to crackdown crypto firms by the Chinese government. Jay Zhuang writes Circle CEO Urged Watchdogs to Accept That People Want Digital CashĬhayanika Deka writes Crypto Investor and Influencer Arrested for Visiting Terra Founder Do Kwon’s ApartmentĪccording to sources close to the company of the Chinese fitness app, the decision not to follow through with its New York IPO plans came after Chinese regulators announced an investigation into data security concerns at ride-hailing company DiDi.Keep which is backed by China’s Tencent and Japanese banking giants SoftBank was expected to raise over 0 million but has now canceled its plan to file for an IPO while Morgan Stanley, its bankers have also canceled numerous marketing meetings with investors this week. The Chines fitness app and SoftBank however declined to comment on the alleged foiled IPO plans.Famous Chinese fitness app has called off plans to file for an Initial Public Offering in the United States amid the latest attempt to crackdown crypto firms by the Chinese government.Regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. Listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S.
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