China's Ximalaya drops US IPO plans

China's Ximalaya drops US IPO plans
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(Sept 9): China's largest online audio platform Ximalaya said on Thursday it had decided not to proceed with its plans for an initial public offering (IPO) in the United States.

The move comes after Reuters reported in May that China is pressing Ximalaya to drop its plans to list in the United States and go for Hong Kong instead, showing how authorities are seeking to further tighten their grip over private media and internet businesses.

Ximalaya, backed by China's Tencent Holdings, had filed for an IPO in April, looking to cash in on growing demand as more people tuned in to podcasts while staying at home during the Covid-19 pandemic.