Asian Tech Press (Sep 16) -- Chinese enterprise cloud service provider Qiniu Ltd. has formally withdrawn its U.S. IPO and may switch to Hong Kong, according to market sources.

Qiniu responded by saying, "After the company's careful consideration, Qiniu has requested the SEC to withdraw its earlier IPO application, and we will subsequently advance the IPO in accordance with regulatory requirements and the capital market environment in due course."

According to an SEC filing, the Chinese cloud service provider formally requested on Sept. 7 that the U.S. Securities and Exchange Commission grant the company permission to withdraw its Form F-1 registration statement and all amendments filed on April 30, 2021.

On April 30, 2021, Qiniu filed with the U.S. SEC to list on Nasdaq under the symbol "QNIU". The IPO filing shows that Chinese e-commerce giant Alibaba Group Holding Ltd. holds 17.7% through Taobao China Holding Ltd.

Since 2021, a number of Chinese companies have withdrawn their U.S. IPO plans and switched to Hong Kong, including social platform Soul, online audio platform Ximalaya and billionaire Richard Li's insurer FWD.