![]() ![]() On Friday, Reuters reported that the agency will not process registrations to issue securities of Chinese companies pending SEC guidelines on disclosing the risks they face in China.įollowing this report, Gensler issued a statement Friday saying that in view of the Beijing crackdown, he had asked employees to seek additional disclosures from Chinese companies before their registrations take effect. In an interview with Reuters earlier this week, SEC Commissioner Allison Lee said that as part of their regular reporting obligations, Chinese companies listed on US stock exchanges must disclose to investors the risks of Chinese government interference in their businesses. They followed with crackdowns on technology and private education companies. ![]() The development underscores the concern of US politicians that Chinese companies are systematically violating US rules that require listed companies to disclose a number of potential risks to their financial performance to investors.Īccording to Refinitiv data, Chinese prices in the United States have hit a record $ 12.8 billion so far this year as companies entered the US stock market to hit all-day highs.ĭeal flow slowed significantly this month after Chinese regulators banned ride-sharing giant Didi Global Inc (DIDI.N) from signing up new users just days after its blockbuster IPO. In a statement, Securities and Exchange Commission chairman Gary Gensler said he had also asked staff to “conduct targeted additional filing reviews for companies with significant business operations in China.” Securities and Exchange Commission will not allow Chinese companies to raise money in the United States unless they fully explain their legal structures and disclose the risk of Beijing interfering with their business, the said Agency on Friday and confirmed an exclusive report from Reuters. The sources declined to be named as the information has not yet been made public yet.īeijing-based LinkDoc did not immediately respond to a request for comment.Jul 30 (Reuters) – The U.S. The book closed one day earlier than planned on Wednesday, two of the sources said. The deal would have raised $211 million at the upper end of the indicated range. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. ![]() LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S. One of the sources said the regulatory uncertainty affected both the company and investors. The decision to pull the LinkDoc deal was due to the crackdown, the sources said. It is the first known Chinese firm to pull back from its IPO plans since the crackdown began last week with an investigation by China's cybersecurity regulator into ride-hailing giant Didi Global Inc (DIDI.N) just two days after it made its New York debut.īeijing said on Tuesday that it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks. ![]() HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has shelved plans for an IPO in the United States following Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. ![]()
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