With over 100 million total users, 30 million of which are active each month, the company was valued at over USD 1 billion when it submitted its paperwork to the US Securities and Exchange Commission.ĭespite geopolitical tensions brewing between the US and China, 2021 has so far recorded a healthy tide of Chinese companies going public in New York.
However, the company halted its IPO plans in June. It filed for a US IPO in March, looking to raise USD 300 million. Soulgateīacked by Tencent and GGV Capital, Soulgate is the parent company of social networking app Soul. The company counted over 250 million users and 5.2 million content creators on its platform as of the first quarter of 2021, according to its prospectus. XimalayaĪ leader in China’s podcast and audio content industry, Ximalaya filed for a US IPO in April, aiming to raise around USD 500 million, before calling off the plan amid regulatory pressure. That number is set to hit USD 215.4 billion in 2030, the company said in its prospectus. China’s healthcare data market is snowballing and has risen in value at a compound annual growth rate of 44% between 20 to reach USD 4.1 billion. Without capital from public markets, LinkDoc could now be facing a cash crunch. The medical data startup, backed by Alibaba Health, was aiming to raise USD 211 million at a valuation of around USD 1.5 billion before its US IPO ambitions were dashed.
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Popular in China’s tier-1 cities, Keep counted around 13.9 million monthly active users as of May 2021 and was valued at more than USD 2 billion following a USD 360 million Series F round that closed in January 2021. Keepīacked by SoftBank and Tencent, the fitness app was expected to raise up to USD 500 million in a US IPO this year-before calling off its plans last week. After attaining resounding success with its short video and news aggregator apps, ByteDance has been expanding into new industries, including education, video games, and enterprise services. The owner of TikTok and Douyin-valued at up to USD 425 billion on the gray market in June-was plotting a massive IPO in the US before the CAC issued new compliance statutes and forced ByteDance to temporarily shelve its plans after company representatives met with officials, the Wall Street Journal reported. Here are several Chinese tech companies that are rethinking their transition from a private firm to a publicly traded company. These enterprises might instead consider tapping domestic capital markets in Hong Kong, Shenzhen, or Shanghai. The new rules, which require companies to submit materials regarding their initial public offerings to the CAC, might affect an array of businesses that were preparing to go public in the US.įollowing Didi Chuxing’s troubled debut, China’s campaign to rein in major tech firms might impact at least 70 companies based in China or in Hong Kong that were set for IPOs in New York, according to Bloomberg. After the Cybersecurity Administration of China, or CAC, rolled out a new policy draft stipulating a mandatory security review for any domestic company with more than 1 million users seeking to list on public markets overseas, tech firms of all sizes took note.
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