A growing number of startups in China are cancelling plans to launch initial public offerings (IPOs) in the wake of stiffer competition from bigger rivals, after Beijing put tighter regulatory norms in place with the aim of safeguarding investor interests, Nikkei Asia reported.
In 2021, more than 80 companies cancelled plans to list on Shanghai’s tech-focused STAR market, double the number in 2020, with the latest being farm drone maker XAG that withdrew IPO plans last month, the report said. The list included Royole, the Chinese startup that launched the world’s first commercial foldable phone, voice recognition firm Unisound and Hesai Technology, a company that develops sensors for autonomous vehicles.
Read the full report: Nikkei.
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