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China tech

88 tech startups ditch China IPOs in 2021 as headwinds mount

Ant clampdown and US row lead companies to abandon Shanghai debuts

A gong at the Shanghai Stock Exchange: its startup-focused STAR market appears to be losing its shine amid growing domestic and overseas pressures on China's tech sector.   © Reuters

SHANGHAI -- Pressured by the ruling Communist Party at home and the U.S. administration abroad, Chinese startups have begun rethinking plans to go public in anticipation of further obstacles down the road.

The impact is especially pronounced on the Shanghai Stock Exchange's STAR market, where 88 companies, including some of China's most promising unicorns, have suspended or canceled planned initial public offerings over the first three and a half months of 2021.

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