Tencent-backed podcasting platform Ximalaya to file for Hong Kong IPO after shelving plans for US listing

Ximalaya, China’s biggest podcasting platform, plans to file for an initial public offering (IPO) in Hong Kong after scrapping plans for a US listing, becoming the latest technology firm to step back from plans to go public overseas amid Beijing’s crackdown on the sector, according to a person familiar with the matter.

The Tencent Holdings-backed online audio streaming platform filed for an IPO in the US in April, but found itself caught in a shifting regulatory landscape in China that has seen regulators implement a number of new rules targeting technology firms, including reviews of overseas listings by companies that hold the personal data of 1 million or more Chinese people.

Ximalaya could file paperwork for a listing on the Hong Kong stock exchange as soon as next week, said the person, who was not authorised to discuss the matter publicly. The company withdrew its US listing documents on Thursday, according to a filing with the US Securities and Exchange Commission (SEC).

Ximalaya is among dozens of firms that are re-evaluating going public in the US since Beijing increased its scrutiny of the sector in early July, following the US$4.4 billion IPO of Chinese ride-hailing giant Didi Chuxing in New York. Others who have delayed or scrapped listing plans include Chinese lifestyle platform Xiaohongshu, e-commerce platform Meicai, medical data solutions provider LinkDoc Technology and fitness app Keep.

Didi was the biggest offering in the US by a Chinese firm since 2014 and came after the company pushed forward with its IPO despite a request by Chinese regulators to delay its listing, prompting a deeper review by the authorities.