Ant-backed Chinese bike-sharing operator Hello Inc scraps US IPO plans

Photo: Hellobike website

China’s Hello Inc, an app-based ride services provider backed by Jack Ma’s Ant Group, on Tuesday scrapped plans for an initial public offering in the United States against the backdrop of a regulatory crackdown on U.S.-listed Chinese companies.

Hello, which offers services in China including two-wheeler services and a carpooling marketplace, said it no longer wishes to publicly float its shares in the United States, according to a regulatory filing.

A top official at the U.S. Securities and Exchange Commission (SEC) said on Tuesday that Chinese companies listed on exchanges in the United States must disclose, as part of regular reporting obligations, any risks related to the Chinese government interfering in their business.

These comments come after Chinese authorities launched a cybersecurity review into ride-hailing giant Didi Global Inc, which was valued at $68 billion after its New York Stock Exchange debut late last month.

China has also come up with new rules for private tutoring that has left private education firms facing a significant business impact, as Beijing steps up regulatory oversight of a $120 billion industry.

Certain Chinese IPOs in the U.S. are halted at the moment as they are awaiting guidance from the SEC, a source close to the matter said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.