![]() ![]() The manufacturer plans to use its IPO proceeds for research and development, investment in new equipment and for acquisitions. The company, which has all its assets in China and sells its medical devices, such as testing kits and bandages, to hospitals in China and 30 other countries, did not mention Beijing’s new crackdown in its prospectus. Meihua’s application thus gives a glimpse of the type of Chinese company that may still be able to tap the world’s largest capital market for funding despite the new restrictions. With Didi and other Chinese companies tumbling in New York, the SEC came out with its own framework requiring Chinese IPO aspirants to fully explain their legal structure and spell out any risk of Beijing interfering in their business. A subsequent edict forbade foreign investment in educational companies, previously a popular sector for U.S. Since then, the Nasdaq Golden Dragon China Index, which tracks Chinese stocks listed in New York, has fallen 8.3%.Īmid concerns about data security in the wake of Didi’s New York IPO, Beijing brought a halt to what had been shaping up as a record year for Chinese listings in the U.S., ruling that almost all technology companies listing offshore would need approval from the country’s cybersecurity regulator. The IPO market froze amid trading volatility and a regulatory onslaught touched off by annoyance in Beijing over ride-hailing operator Didi Global’s $4.4 billion New York IPO on the eve of the Chinese Communist Party’s July 1 centennial celebration. This follows moves by a string of Chinese companies, including medical data group LinkDoc Technology and bike sharing operator Hello, both backed by Alibaba Group Holding, as well as podcast platform Ximalaya, to call off their U.S. Securities and Exchange Commission this week, aiming to raise as much as $69 million through an offering on the Nasdaq Stock Market. The Yangzhou-based medical device maker filed a preliminary prospectus with the U.S. since regulators in both Beijing and Washington clamped down on such listings last month. ![]() ![]() RoboSense, a Chinese developer of sensor technologies used in self-driving cars, decided to list in Hong Kong instead, following others like Lalamove and Xiaohongshu.HONG KONG - Meihua International Medical Technologies is seeking to become the first Chinese company to undertake an initial public offering in the U.S. IPO plans, including health-care firm LinkDoc Technology Ltd., bike-sharing company Hello Inc. Meanwhile, other companies were said to have shelved or delayed their U.S. stock will be convertible into freely tradable shares on another internationally recognized stock exchange. 2 that it will file for a delisting of its American depositary shares from the New York Stock Exchange and start work on a Hong Kong share sale. Shareholders sued the company, as well as its directors and underwriters, claiming Didi failed to disclose talks it was having with Chinese authorities about its compliance with cybersecurity laws. Didi’s share price fell as much as 25% on the first trading day after that. Days after Didi’s IPO, China’s cybersecurity regulator told app stores to remove the company’s app, citing serious violations on the collection and usage of personal information. ![]()
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