Beijing’s crackdown on overseas IPOs isn’t just prompting several Chinese companies to spike plans to list abroad. It also highlights the frailties of an American financial system that is heavily reliant on disclosure: JennHughes13
A crackdown by Chinese authorities on companies seeking to list overseas has gathered speed since a data security probe into ride-sharing app Didi Global was launched two days after its June 30 New York initial public offering.
Mainland cyberspace regulators plan to conduct a security review of any company holding the data of more than 1 million users, while the China Securities Regulatory Commission is setting up a team to review plans by domestic companies to launch an IPO abroad. The moves have prompted several Chinese companies to at least pause plans for a U.S. listing including medical data group LinkDoc Technology and fitness app Keep, according to Reuters and the Financial Times respectively.Playtika CEO and co-founder Robert Antokol is seen on a screen at the Nasdaq Market Site during his mobile gaming company's IPO in Times Square in New York City, U.S., January 15, 2021.
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