China will soon launch its new Nasdaq-style high-tech board, and the reviews of its first batch of potential IPOs have hit their first road-bump.
Ninebot, the maker of robots and short-distance transportation vehicles, formally requested that its review be suspended this Sunday, according to an official statement from the Shanghai Stock Exchange, without further elaboration.
In April, Ninebot decided to change preferred stocks some investors were holding to ordinary shares. The company then received documents from the regulator demanding further explanation and auditing materials for the period ending June 30. Ninebot later applied to suspend the review temporarily to allow itself more time to respond to the regulator's requirements.
Ninebot is backed by Xiaomi and Sequoia China, and has long been seen as one of the strongest candidates for a listing on the new board.