![]() LinkDoc just received a strategic investment from Alibaba Health on March 4 and secured 700 million yuan in the series D+ financing round led by CICC Capital last year. Last year, Burning Rock Biotech Ltd and Genetron Health, two leading companies in China's tumor genetic testing industry, also went public on Nasdaq. Its services are used in hospitals, clinics, pharmaceutical companies, and government administrations, which include the Chinese Medical Doctor Association, and the China Society of Clinical Oncology, among others.Ĭontext: Since the outbreak of the pandemic, the biotechnology sector represented by precision medicine has become a highly sought-after industry in the secondary market. This may have put it at odds with Beijing, which has been particularly concerned about handing Chinese user data to the US. LinkDoc emphasised the data-driven nature of its healthcare technology in its IPO filing. ![]() LinkDoc’s revenue increased by 40.8% from 158.5 million yuan for the three months ended March 31, 2020, to 223.2 million yuan ($34.1 million) for the three months ended March 31, 2021.įounded in 2014 in Beijing by Shan He and Tony Zhang, LinkDoc offers a repository of big data for the healthcare industry such as clinical trials, AI diagnosis, and management. Sources told Reuters that the decision to shelve plans of its US IPO was due to pressure from Beijing. Citing sources, Bloomberg reported last month that LinkDoc was eying to raise $500 million in IPO. The company said the proceeds of the IPO will be used to strengthen its research and development capabilities, investment, and acquisitions. LinkDoc Technology Ltd, a medical data company backed by Alibaba's health subsidiary, filed for an initial public offering in the US on Monday.ĭetails: In the F-1 filling submitted to the US Securities and Exchange Commission, the company stated that it plans to list its American depositary shares on Nasdaq under the symbol "LDOC". Morgan Stanley, Bank of America, and China International Capital Corp Ltd were the investment banks on the deal and all declined to comment to Reuters.Alibaba-backed medical data company LinkDoc files for US IPO - PingWest English 中文Īlibaba-backed medical data company LinkDoc files for US IPO J2:28 am 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 US$17.50 and US$19.50 each. “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 US and make it more difficult to raise funds overseas,“ he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the US market close on Thursday. ![]() “For companies applying for a US 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 US$211 million (RM882.2 million) IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that US listings were not barred per se. 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 US-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 just two days after its New York debut. HONG KONG: Chinese medical data group LinkDoc Technology Ltd 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.
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