Zhaogang.com plans to proceed with a regular IPO, selling stock that has the same voting rights as that held by company founders.
China Renaissance Holdings Ltd became the latest high-profile IPO that failed to resonate with investors.
Hong Kong Exchanges & Clearing Ltd Chief Executive Officer Charles Li is considering takeovers in the data, analytics and blockchain sectors
Technology companies that give founders and executives more voting rights are now allowed to go public in the former British colony after a major rule change.
She will be the only woman to chair a Hang Seng Index member firm.
According to Hong Kong court filings, Zhao and Sequoia began negotiating terms of an investment in Binance in August. The deal would have given Sequoia a nearly 11% stake and valued the exchange at about $80 million.
Technology firms that have shares with different voting rights will now be allowed to go public in Hong Kong, overturning rules that barred the likes of Alibaba from considering the former British colony.
Seven cornerstone investors agreed to buy about $550 million of stock
The Securities Commission is seeking a range of penalties, including monetary fines, and will announce more results of its investigation in the next six months.
Hong Kong Exchanges & Clearing Ltd. wants to change its rules so that company founders can stay in control after their firms list, but the proposals may cause trouble for China’s tech titans, who use an unusual type of corporate structure that restricts foreign ownership of their firms.