Chinese Digital Audio Sharing Platform Ximalaya to Withdraw IPO Plan in US

According to documents produced by the United States Securities and Exchange Commission (SEC), Chinese streaming platform Ximalaya requested to withdraw its initial public offering (IPO) plan in the U.S. on Friday, after applying for a listing in the country in April earlier this year.

Meanwhile, Chinese media outlet Sina Tech has reported that Ximalaya previously registered Xima Holdings Limited in Hong Kong on August 23.

On May 1 this year, Ximalaya publicly submitted an IPO application to the SEC. The prospectus shows that in 2020, Ximalaya’s operating income was 4.05 billion yuan ($628 million), a year-on-year increase of more than 50%. In the first quarter of 2021, the company’s operating income was 1.16 billion yuan, a year-on-year increase of over 65%.

In terms of user data, as of the first quarter of 2021, there were 250 million monthly active users of Ximalaya products, including 104 million monthly active users of the Ximalaya app and 146 million monthly active users of IoT products and other third-party open platforms.

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According to its official website, Shanghai Ximalaya Technology Co., Ltd., established in 2012, is a leading online audio sharing platform in China. Its online audio services have covered rich content enjoyed by users at different ages, and accumulated 280 million pieces of audio content spanning 100 categories. In 2020, Ximalaya had 5.2 million active content creators.