DOMESTIC on-demand logistics and delivery firm Lalamove is considering shifting its planned U.S. initial public offering (IPO) to Hong Kong, people familiar with the matter said.

The company, which filed confidentially for a U.S. IPO last month, is weighing a venue switch amid concerns about the uncertainty created by Chinese regulators’ proposed new rules, the people said.

While it’s not clear whether companies such as Lalamove would be prevented from listing in the United States, the firm is keen to avoid a lengthy delay in going public, the people said.

Lalamove could still decide to proceed with its U.S. IPO, they said. A representative for Lalamove said the firm continues to pay attention to capital markets but has no specific timeline and venue for an IPO.

The fallout from the US$4.4 billion U.S. IPO by China’s Didi Global Inc. has thrown listing plans into disarray, after Chinese regulators barred the company’s software from app stores and proposed new rules for similar firms listing overseas. The regulations would require companies with more than 1 million users’ data to submit to a cybersecurity review.

Lalamove would be among the first firms that have filed confidentially in the United States to re-route to Hong Kong as a result of China’s regulations tightening.

Founded in 2013, Lalamove provides van-hailing and courier services on demand. It operates in over 20 markets across Asia, Latin America and the United States with a pool of more than 700,000 driver partners, according to its website. (SD-Agencies)