Chinese e-commerce platform Meicai becomes latest mainland firm to shelve US IPO plan as tightened scrutiny unnerves issuers
- Chinese regulators’ investigation of Didi Chuxing and other internet companies’ data collection practices has rattled potential new issuers targeting a US IPO
- Meicai, which means ‘beautiful vegetables’ in Mandarin, was aiming to raise between US$300 million and US$500 million, reports said
Meicai, an e-commerce platform that connects restaurants with suppliers of fresh produce, has become the latest company to postpone its plan for a US listing, according to people familiar with the situation.
While the Beijing-based company, which was valued at about US$6.4 billion after its last funding round in September 2018, has not yet publicly filed its draft prospectus, it made a confidential filing to the US regulator in May.
The company will now withhold further filing and suspend marketing, the people said.
It is the latest Chinese tech company to postpone its US initial public offering plans. LinkDoc Technology, a medical data solutions provider and Ximalaya, China’s biggest podcast platform, are among the companies that have shelved their listing plans, according to media reports.
Meicai, which means “beautiful vegetables” in Mandarin, was aiming to raise between US$300 million and US$500 million, reports said.