China bike sharing startup Hello scraps US IPO

It is one of the first big causalities of Beijing’s crackdown on overseas listings
Newsfeed28 Jul 2021
Photo credit: AFP Photo


Chinese bike sharing giant Hello Inc has formally scrapped plans for a US initial public offering (IPO), becoming one of the first big casualties of Beijing’s crackdown on overseas listings.

The company requested a withdrawal of its registration for a US share sale, saying it no longer wanted to conduct the offering at this time, according to a filing Tuesday (27 July). It did not provide further details.

The Shanghai-based startup, which is backed by Chinese tech mogul Jack Ma’s Ant Group Co Ltd, first disclosed its IPO plans in April. Credit Suisse Group AG (CSGN SW), Morgan Stanley (MS US), and China International Capital Corporation (3908 HK) had been lined up to serve as underwriters for the offering. The company is valued at about USD5b, according to data provider CB Insights.

The Shanghai-based startup – previously known as Hellobike – is one of the few firms to survive China’s bike sharing bubble, which attracted billions of dollars in investment at its height. Its investors include Ant Group, GGV Capital, and Shanghai-listed Youon Technology Co Ltd (603776 CH), according to its earlier IPO filing. – Bloomberg News.

The Hang Seng Index tumbled 4.22% to 25,086.43 and the Shanghai Composite Index fell 2.49% to 3,381.18.



Australia’s biggest companies are headed for a challenging earnings season, as investor wariness about Covid-19’s resurgence overshadows expectations of stellar results.

The country’s continued economic expansion and past success in containing the virus have lifted profit estimates for the S&P/ASX 200 Index to their highest in over a decade. But that optimism around earnings is being tested by delta-variant outbreaks that have sent Australian cities into snap lockdowns.

Australia’s stock benchmark is trading at record highs, with its 13% surge in 2021 handily beating the MSCI Asia Pacific Index that has erased all its gains for the year. The S&P/ASX 200 is up 1.6% so far in July, the strongest performance of any developed market in the region.

Still, the gauge has a lot of catching up to do when compared to its global peers – it remains at the lowest level in more than two decades relative to the MSCI World Index, according to data compiled by Bloomberg.

Investors will keep a close eye on how companies are handling growing costs and supply chain issues as the global economy picks up. – Bloomberg News.

Australia’s S&P/ASX 200 Index opened little changed at 7,424.90 on Wednesday (28 July) morning. It gained 0.24% to 3,232.53 on Tuesday.

South Korea’s Kospi Index fell 0.10% to 3,229.40 at the open on Wednesday. The benchmark tumbled 0.91% to 3,224.95 the previous session.

The Taiwan Stock Exchange Weighted Index fell 0.77% to 17,269.87.

The information published by DBS Bank Ltd. (company registration no.: 196800306E) (“DBS”) is for information only. It is based on information or opinions obtained from sources believed to be reliable (but which have not been independently verified by DBS, its related companies and affiliates (“DBS Group”)) and to the maximum extent permitted by law, DBS Group does not make any representation or warranty (express or implied) as to its accuracy, completeness, timeliness or correctness for any particular purpose. Opinions and estimates are subject to change without notice. The publication and distribution of the information does not constitute nor does it imply any form of endorsement by DBS Group of any person, entity, services or products described or appearing in the information. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment or securities. Foreign exchange transactions involve risks. You should note that fluctuations in foreign exchange rates may result in losses. You may wish to seek your own independent financial, tax, or legal advice or make such independent investigations as you consider necessary or appropriate.

The information published is not and does not constitute or form part of any offer, recommendation, invitation or solicitation to subscribe to or to enter into any transaction; nor is it calculated to invite, nor does it permit the making of offers to the public to subscribe to or enter into any transaction in any jurisdiction or country in which such offer, recommendation, invitation or solicitation is not authorised or to any person to whom it is unlawful to make such offer, recommendation, invitation or solicitation or where such offer, recommendation, invitation or solicitation would be contrary to law or regulation or which would subject DBS Group to any registration requirement within such jurisdiction or country, and should not be viewed as such. Without prejudice to the generality of the foregoing, the information, services or products described or appearing in the information are not specifically intended for or specifically targeted at the public in any specific jurisdiction.

The information is the property of DBS and is protected by applicable intellectual property laws. No reproduction, transmission, sale, distribution, publication, broadcast, circulation, modification, dissemination, or commercial exploitation such information in any manner (including electronic, print or other media now known or hereafter developed) is permitted.

DBS Group and its respective directors, officers and/or employees may have positions or other interests in, and may effect transactions in securities mentioned and may also perform or seek to perform broking, investment banking and other banking or financial services to any persons or entities mentioned.

To the maximum extent permitted by law, DBS Group accepts no liability for any losses or damages (including direct, special, indirect, consequential, incidental or loss of profits) of any kind arising from or in connection with any reliance and/or use of the information (including any error, omission or misstatement, negligent or otherwise) or further communication, even if DBS Group has been advised of the possibility thereof.

The information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. The information is distributed (a) in Singapore, by DBS Bank Ltd.; (b) in China, by DBS Bank (China) Ltd; (c) in Hong Kong, by DBS Bank (Hong Kong) Limited; (d) in Taiwan, by DBS Bank (Taiwan) Ltd; (e) in Indonesia, by PT DBS Indonesia; and (f) in India, by DBS Bank Ltd, Mumbai Branch.