Much-Anticipated High-Tech Board Has First IPO Review Suspension

ABOUT US

CX Live is Caixin Global's real-time news portal, featuring 24-hour breaking news, short-form analysis, and roundups from business and social media in China.

TRENDING: Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina; Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong; Just Add Water, Physics-Defying Car Company Claims

LATEST: China Doesn’t Engage in ‘State Monopoly Capitalism’: Banking Chief; Huawei Seeks $1 Billion in First Big Funding Test After U.S. Ban; Chinese Chipmaker SMIC to Delist From NYSE, Focus on Hong Kong; Just Add Water, Physics-Defying Car Company Claims; Hong Kong Banking Tycoon Passes Baton to Two Sons; Fears Grow as Fall Armyworm Continues Invasion of Chinese Farms; Rural Policy Bank Sells Bond to Retail Investors in Hong Kong; Baidu Continues Shaking Up Its Management Board; Xiaomi Fires Vice President for ‘Obscene’ Behavior; Update: Chinese EV Startup Digs Into Real Estate; Chinese DNA Sequencing Firm BGI Faces Legal Battle with Illumina; U.S. Companies and Consumers Pay for China Tariff Costs, IMF Says; Weibo Shares Slump After Q1 Revenue Growth Slows; Anxin Trust Questioned for Plunging Profits and Accounting Errors; Meituan Sees Strong Revenue Growth, Despite Drag From Mobike; DHL, Panasonic Deny Severing Huawei Ties; China Renewables Industry Comes of Age With Ambitious Subsidy-Free Projects; China Readies 600 Kph Maglev Prototype; Mercedes-Benz Makes it Easier to Trade in Defective New Cars in Wake of PR Nightmare; Shanghai Man Sentenced to Death for Child Murder

By Zhao Runhua and Zhang Yu / May 13, 2019 05:00 PM / Finance

Photo: VCG

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.

Share this article

Open WeChat and scan the QR code