Pony.ai, Inc. has put on hold plans to go public in New York through a merger with a blank-check firm at a $12 billion valuation, after it failed to gain assurances from Beijing that it would not become a target of a crackdown against Chinese technology companies, people familiar with the matter said. The decision makes Pony.ai one of the biggest companies to suspend its U.S. listing plans after China banned ride-sharing giant Didi Global Inc. (DIDI.N) from signing up new users just days after its blockbuster initial public offering (IPO) in June. It was concerned that the Chinese regulators could take action if it proceeded with a U.S. stock market debut, even through merging with a special-purpose acquisition company (SPAC) instead of an IPO, the sources said. Details of Pony.ai's discussions with the Chinese authorities could not be learned. Pony.ai had been in exclusive talks to go public through a merger with VectoIQ Acquisition Corp. II (NasdaqCM:VTIQ). The deal would have been financed with a private placement from investors of roughly $1.2 billion, and the company had aimed to list by October, according to the sources. A spokesperson for Pony.ai said the company has no current plan or timeline to go public and declined to comment on the talks.