Posted on Aug 23, 2021
Chip giant's IPO hit by Beijing crackdown on business
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Chinese electric car maker BYD's plan to sell shares in its computer chip making unit has been suspended, the latest share offering to be hit by Beijing's crackdown on businesses.
The listing has been put on hold due to a regulatory investigation into the law firm advising the company.
The plan to list on Shenzen's Nasdaq style market ChiNext was filed in May.
The suspension comes amid a broader regulatory tightening on industry by Chinese authorities.
Over the weekend, the Shenzen Stock Exchange said Beijing Tian Yuan Law Firm, one of China's biggest legal services companies, was being investigated in relation to the listing.
It said the firm, which has been an advisor for BYD Semiconductor's planned initial public offering (IPO), was being investigated by China's Security Regulatory Commission but gave no further details.
The listing has been put on hold due to a regulatory investigation into the law firm advising the company.
The plan to list on Shenzen's Nasdaq style market ChiNext was filed in May.
The suspension comes amid a broader regulatory tightening on industry by Chinese authorities.
Over the weekend, the Shenzen Stock Exchange said Beijing Tian Yuan Law Firm, one of China's biggest legal services companies, was being investigated in relation to the listing.
It said the firm, which has been an advisor for BYD Semiconductor's planned initial public offering (IPO), was being investigated by China's Security Regulatory Commission but gave no further details.
Chip giant's IPO hit by Beijing crackdown on business
Posted from bbc.com
China
Business
Posted 3 y ago
Responses: 1
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PO1 William "Chip" Nagel great international read/share on China. Lots of crime in the trading business.
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PO1 William "Chip" Nagel
SFC Joe S. Davis Jr., MSM, DSL China can't seem to Make Up It's Mind if it wants to be a Communist or Capitalist Country, It has a Stock Market but still Beholden to the One Party, Communist Party that Keeps Business Under it's Thumb. You can be Successful but if You draw too much attention? Look Out!
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