China's most powerful audio platform Ximalaya announced it would not proceed with its plans for a US IPO. Instead, the audio platform will file for an IPO in Hong Kong.
Diverting from US Debut
According to a report from Reuters, China was pressuring the audio platform to drop its IPO plans in the US. Chinese authorities pushed Ximalaya to list in Hong Kong instead. The audio platform filed publicly for a US IPO with the SEC in April. The company also began pre-marketing the float in early May. The company was looking to raise about $500 million. Currently, the company plans to debut in Hong Kong by the end of 2021.
In the first quarter of 2021, the audio platform reported serving about 250 million monthly active users. Representing roughly one-fifth of China's population, users...