Chinese fitness app Keep quits US IPO plans - report

Thursday, 08. July 2021 13:59

Chinese mobile fitness app Keep, developed by Beijing Calories Technology Co. Ltd. and backed by SoftBank Group Corp. and Tencent Holdings Ltd., has abandoned plans to launch an initial public offering (IPO) on the New York Stock Exchange, the Financial Times reported on Thursday, citing two unnamed sources with knowledge of the matter.

The company canceled its meetings with investors this week after Chinese authorities started an investigation into the data management of Didi Chuxing Technology Co. and announced they will raise the level of regulatory oversight of major domestic firms listed overseas.

It was reported earlier in the day that Alibaba-backed medical data company LinkDoc Technology decided to take the same step for similar reasons.

Related Links: Tencent Holdings Ltd.Softbank Group Corporation
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Breaking the News / MS