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. Morgan Stanley, BofA Securities, CICC, Tiger Brokers, and Snowball Securities were set to be the joint bookrunners on the deal.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.
It had planned to list on the Nasdaq under the symbol LDOC. The Beijing, China-based company was founded in 2014 and booked $154 million in sales for the 12 months ended March 31, 2021. The company's product suite includes a digital continuous care platform for patients with critical diseases, an AI-enabled curation system for longitudinal medical data, and a precision life sciences platform for clinical research. So far this year, 31 Chinese issuers have raised $12.3 billion in US IPOs, more than all of last year, representing roughly 15% of the US IPO market by deal count and proceeds.īacked by Alibaba Health, LinkDoc Technology provides a platform that structures cancer patient data to enable precision medicine and personalized care. Days after DiDi Global's (DIDI) $4.4 billion US IPO, the regulator announced that it was pulling DiDi's app from the app store until it came under compliance with certain data security requirements, causing the stock to crash.
The news comes amid China's latest crackdown of its domestic internet companies, which has most recently focused on US listings. On Wednesday, LinkDoc filed an amendment where it added risks related to China's new capital markets regulation and oversight, which had been issued by the country's regulator the day before. It had filed to raise $200 million by offering 10.8 million shares at a price range of $17.50 to $19.50. Insiders and anchor investors had indicated an interest in buying 58% of the deal. The company had been expected to price its IPO on Thursday night. LinkDoc Technology, a Chinese healthcare data company specializing in oncology patients, postponed its IPO on Thursday.
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