Lalamove considers shifting planned US$1 billion IPO to Hong Kong amid heightened scrutiny by Beijing

Hong Kong logistics start-up Lalamove is considering moving its planned US$1 billion initial public offering to Hong Kong as a crackdown on technology firms and a series of new rules on overseas listings by Beijing has cast a pall on US listings by mainland and Hong Kong companies, Bloomberg reported, citing people familiar with the matter.

Lalamove, which filed confidentially in June to go public in the US, could still decide to pursue a listing on an American bourse, the people said.

The potential move by Lalamove, which is known as Houlala in China, comes as crosstown rival GoGoX, formerly known as GoGoVan, completed a US$100 million fundraising ahead of its own potential listing in the city.

The deliberations over whether to relocate Lalamove’s offering came against the backdrop of Beijing announcing draft rules on Saturday to review all foreign IPOs by technology platform companies in China that possess the personal data of at least 1 million users.

The heightened scrutiny by Beijing has spooked investors in the US and prompted firms to delay or reconsider US listings in light of the uncertain regulatory environment. It could hinder dozens more who have filed or were preparing to file for listings on American bourses.