They were further affecting the lucrative business of offshore listings that have managed to accumulate around US$6.4 billion in fees since 2014. The actions of both countries have put frenetic deals done in the midst of the COVID-19 pandemic into great peril. At the same time, Chinese President Xi Jinping stepped up the oversight of tech giants, mainly as they store a huge amount of data. Collections consist of help provided to Chinese firms with IPOs (Initial Public Offerings) offshore, with relations between China and United States being at low ebb. In December, then-President Donal Trump had signed a bill that empowered authorities to delist Chinese companies if they didn’t meet audit inspections. In particular, with underwriters collected a record US$1.5 billion (S$2.03 billion) as a total fee in the last year. The red flag has been waving for some time now. On July 10, a cyber-security review was suggested for companies that have data on more than One Million users before they have permission to list in foreign countries. This was closely followed by a State Council statement announcing closer scrutiny of all offshore listings.
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CHINABASED XIMALAYA LINKDOC US IPOTIMES CRACKED
The whole global finance has been deeply affected only within a fortnight before which China had first cracked down on its Uber-like Didi deal right after U.S. Deals have started to be shelved, and investors are going through huge losses. A few months before, bankers were celebrating their record haul experienced by taking several Chinese companies public in New York as well as Honk Kong however, they have had a rude awakening.