At the broadest level the latest prospectus shows Ximalaya’s growth is slowing, which isn’t that surprising since it controls more than two-thirds of China’s podcast market.īefore we get to the financials, we’ll note one non-financial point of interest in the latest filing that differs from the original New York prospectus. In this case we’ll try to compare the latest document with the original New York prospectus filed earlier this year to see how things have been trending for the company. But those could hold less attraction for tech companies, since many of their early backers are from outside China and would prefer to recoup their investments in foreign currencies rather than the less-convertible Chinese yuan.Īll that said, let’s delve into Ximalaya’s new IPO prospectus filed this week in Hong Kong. Hong Kong does seem like a good compromise for many of these companies, since its financial markets are quite international and are also increasingly open to mainland Chinese investors.īeijing would also like to see many of these tech companies list on two Nasdaq-style boards on the mainland, one in Shanghai and the other in Shenzhen. Others that followed a similar path include shared bike operator Hello Inc., medical data firm LinkDoc Technology and online dating platform Soulgate, the last two of which each provided some high drama with 11 th-hour scrappings of their trading debuts. listings this year, only to see those plans stall. The bottom line was that Ximalaya was one of about a half dozen Chinese firms to file for U.S. was discouraging New York listings by Chinese firms, saying most used a complex and controversial corporate structure whose risks weren’t sufficiently understood by American investors. Ximalaya was reportedly pressured to forgo a New York IPO by officials from China, who want more such leading tech names to list closer to home. securities regulator it was officially abandoning its original New York listing plan first announced in March. That’s what’s happening at leading podcast platform Ximalaya Inc., which filed this week to list shares in Hong Kong after informing the U.S. It’s quite likely many could end up floating up closer to home in Hong Kong or even on the Chinese mainland itself.
What will happen to the roughly half-dozen Chinese IPOs that got yanked from New York earlier this year amid growing pressure from both Washington and Beijing?
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