China’s Little Red Book Halts U.S. IPO After China Curbs


Source: bnnbloomberg.ca bnnbloomberg.ca

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(Bloomberg) -- Chinese social media and e-commerce startup Xiaohongshu, or “Little Red Book,” is putting its U.S. initial public offering plans on hold after China tightened rules on overseas listings, according to people with knowledge of the matter. The online platform, backed by Tencent Holdings Ltd. and Alibaba Group Holding Ltd., is discussing with advisers on alternatives as the company would likely be subject to a cybersecurity review under Beijing’s proposed policy for firms listing abroad, said the people. A listing in Hong Kong could be an option, the people said, who asked not to be identified as the information...