Credit Suisse Halts Work on Chinese Gay Dating App IPO
- Bank dropped off Blued’s U.S. IPO deal before it became public
- It joins other banks in stopping work on Chinese IPOs
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Credit Suisse Group AG has stopped working on the upcoming U.S. initial public offering of Chinese gay dating app Blued, according to people familiar with the matter.
Credit Suisse joins other investment firms, including Citigroup Inc. and Bank of America Corp., that in recent months have dropped off the U.S. debuts of high-profile Chinese companies. The Swiss bank has halted work on a number of U.S. listings by Chinese companies, as concerns grow about a potential sector downturn and level of investor demand. Since the summer, Credit Suisse’s name has vanished from the listing documents of podcast app Lizhi Inc., bitcoin mining machine maker Canaan Inc. and drone company EHang Holdings Ltd., the filings show.