Ant Group-backed mobility serices provider has cancelled its initial public offering in the wake of regulatory crackdowns in its home country of China.
China-based bicycle rental service Hello has withdrawn from a planned initial public offering in the United States that would have allowed Ant Group, e-commerce firm Alibaba’s financial services affiliate, to exit.
Hello’s app-focused offering allows users to rent bicycles, but it has expanded into adjacent mobility services such as carpooling and had expressed interest in adding ride hailing and local services to its platform.
Although Hello did not give a reason for its decision, it follows a series of…
