As we all know there are a lot of regulatory issues at the moment with Chinese Companies. Meicai, an e-commerce platform that connects restaurants with suppliers of fresh produce, decided to postpone its plan for a US listing, according to people familiar with the situation.
The move comes as Chinese regulators are investigation of Didi Chuxing and other internet companies’ data collection practices has rattled potential new companies that were planning to list in the USA.
Beijing-based Meicai, which was valued at about US$6.4 billion after its last funding round in September 2018, has not yet publicly filed its draft prospectus, it made a confidential filing to the US regulator in May.
The company will now withhold further filing and suspend marketing, the people said.
Meicai connects restaurants with suppliers of fresh produce.
Meicai, which means “beautiful vegetables” in Mandarin, was aiming to raise between US$300 million and US$500 million, reports said.
We will keep you posted about Meicai’s listing.