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Bike-sharing platform Hellobike scraps US IPO plans

July 29, 2021 2:46 am

Hellobike, the Alibaba-backed bike-sharing platform, canceled its IPO plan in the US stock market three months after submitting its prospectus.

Details: “The company is seeking withdrawal of the Registration Statement because it no longer wishes to conduct a public offering of securities at this time,” Hellobike said in a regulatory filing on Tuesday. 

Citing sources from the company, news outlet The Paper reported on Wednesday that it will make further decisions on the IPO process in accordance with new regulations and the capital market environment.

Previously, China's largest audio and podcasting app Ximalaya and largest fitness platform Keep have also pulled their IPO plans in the US.

Context: As China strengthens its control of Internet companies seeking overseas IPOs, the enthusiasm for listing in the US has cooled. The latest regulations require companies with more than 1 million user data in China to undergo cybersecurity review before applying for IPOs overseas.

According to media reports, in the past two trading days, shares of US-listed Chinese companies have continued to plummet, losing a total market value of $250 billion.