LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public.
The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd (0241.HK), LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S.
listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S. That was soon followed with an order for Didi's app be removed from app stores.īeijing also said on Tuesday it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks.
It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc (DIDI.N) just two days after its New York debut. listing by a Chinese firm on record, after Alibaba Group Holding Ltd.’s $25 billion blockbuster debut in 2014.HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. this year, according to data compiled by Bloomberg. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte according to a preliminary filing.Ĭhinese companies have raised about $13 billion through first-time share sales in the U.S. LinkDoc, founded in 2014, provides cancer focused health-care services built on big data and artificial intelligence, its website shows. A representative for LinkDoc declined to comment. Reuters reported LinkDoc’s IPO halt earlier Thursday. LinkDoc’s IPO delay also comes as regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, Bloomberg News reported this week. plunged after the government ordered the removal of the ride-hailing giant’s app from local app stores within days of its $4.4 billion U.S. were arranging the deal.Ĭhinese technology stocks suffered a rout after China signaled a new era of tighter oversight over cybersecurity. LinkDoc was slated to price the offering on Thursday, which could have raised as much as $211 million.
Market volatility has played a part in the postponement and the Beijing-based medical data company could revisit its listing plans when conditions improve, said one of the people, who asked not to be identified as the information is private.
#Linkdoc technology cracked
initial public offering, people familiar with the matter said, the first known company to pull out of a debut after China’s government cracked down on overseas listings.
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