IPO Watch: Xiaomi Linked Firms Stop IPO Plan, Richard Li FWD IPO Delays
3rd June 2022 | Hong Kong
Xiaomi linked-companies (Smart mattress maker 8H, intelligent lighting company Yeelight, commercial operating system maker Shanghai Sunmi Technology) have stopped their IPO plans after increased scrutiny from regulators for close commercial relationships with Xiaomi. Hong Kong based insurance group FWD (founded by Richard Li, son of Hong Kong most prominent businessman & billionaire Li-Ka Shing) has also announced delay of its IPO plan due to recent volatile market conditions. Leading global media Forbes have also announced the cancellation of its SPAC listing due to deteriorating SPAC condition.
“ Xiaomi Linked Firms Stop IPO Plan, Richard Li FWD IPO Delays “
China Crackdown, Common Prosperity
Since late 2020, China has increased scrutiny on China technology companies on monopolistic behaviours, security & data privacy, capital-raising practices, cryptocurrencies and operations of financial institutions, strengthening regulations, preventing excessive marketing approaches such as using soft pornography involving children & minor to drive usage of platforms and to tackle anti-competitive behaviours. Read More: China Crackdown | Common Prosperity
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