Hong Kong does seem like a good compromise for many of these companies, since its financial markets are quite international and are also increasingly open to mainland Chinese investors.īeijing would also like to see many of these tech companies list on two Nasdaq-style boards on the mainland, one in Shanghai and the other in Shenzhen. Others that followed a similar path include shared bike operator Hello Inc., medical data firm LinkDoc Technology and online dating platform Soulgate, the last two of which each provided some high drama with 11th-hour scrappings of their trading debuts. listings this year, only to see those plans stall. The bottom line was that Ximalaya was one of about a half dozen Chinese firms to file for U.S. was discouraging New York listings by Chinese firms, saying most used a complex and controversial corporate structure whose risks weren’t sufficiently understood by American investors. Ximalaya was reportedly pressured to forgo a New York IPO by officials from China, who want more such leading tech names to list closer to home. securities regulator it was officially abandoning its original New York listing plan first announced in March. That’s what’s happening at leading podcast platform Ximalaya Inc., which filed this week to list shares in Hong Kong after informing the U.S. It’s quite likely many could end up floating up closer to home in Hong Kong or even on the Chinese mainland itself. What will happen to the roughly half-dozen Chinese IPOs that got yanked from New York earlier this year amid growing pressure from both Washington and Beijing? Company could be valued at a relatively high level due to its dominant position with more than two-thirds of the Chinese podcast market.Ximalaya’s ditching of its New York listing plan in favor of Hong Kong could mark the start of a new trend for Chinese tech firms that previously favored the U.S.