Chinese Bike-Sharing Startup Hello Scraps Plans for U.S. IPO
- Beijing recently tightened rules for overseas listings
- Hello is the first company to officially scrap a U.S. IPO
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Chinese bike-sharing giant Hello Inc. has formally scrapped plans for a U.S. initial public offering, becoming one of the first big casualties of Beijing’s crackdown on overseas listings.
The company requested a withdrawal of its registration for a U.S. share sale, saying it no longer wanted to conduct the offering at this time, according to a filing Tuesday. Hello, which is backed by Chinese tech mogul Jack Ma’s Ant Group Co., didn’t provide further details.