The S&P500 Index has risen 0.9% during the same time frame. The Nasdaq Golden Dragon China Index, which tracks 98 Chinese companies listed in the US, has fallen 7.9% since the first salvo by the cyberspace agency. The gathering regulatory clampdown has led investors to shun Chinese stocks in the US. Read more: Could Beijing’s probe of Didi’s data security stymie consumer spending? Chinese authorities also announced on Tuesday that rules for overseas listings will be revised and regulatory oversight of companies trading in offshore markets stepped up. LinkDoc’s move comes after the US market debut of Chinese ride-hailing operator Didi Global, which raised $4.4 billion in one of corporate China’s biggest New York IPOs in years, was rocked by intervention by Beijing.Ĭhina’s cyberspace agency announced an investigation into Didi’s handling of customer data and barred it from signing up new customers, sending its shares tumbling and wiping billions of dollars from its valuation just days after its listing.īeijing later expanded its probe to two other companies that listed in the US-logistics company Full Truck Alliance and online recruiter Kanzhun. Linkdoc, which is backed by Alibaba Health Information, had been due to price the deal today, determining how much money it would raise. However, market volatility, regulatory uncertainty, and fear of angering Chinese regulators have prompted the company to cancel the offering, one of the people said. The company planned to raise up to USD 210 million on the tech-heavy Nasdaq exchange and closed its books on the deal on Wednesday after apparent strong demand. “As of March 31, 2021, LinkDoc had $125.8 million in cash and $116.5 million in total liabilities,” it said, but added “Free cash flow during the 12 months ended March 31, 2021, was negative ($37.9 million).Chinese medical data group LinkDoc Technology has called off its US initial public offering at the last minute, two people familiar with the transaction said, becoming the first casualty of Beijing’s clampdown on overseas listings. The company’s primary offerings include: LinkCare (a continuous care platform), LinkData (a longitudinal medical data system) and LinkSolutions (a clinical trial matching service). “LinkDoc has received at least $366 million in equity investment from investors including Digital Medical Technology, New Enterprise Associates, China Broadband Capital, Esta Investments Pte, Lifetech Company and Alibaba Health Technology Company.” “Management is headed by founder and Chief Executive Officer Tianze Zhang, who was previously an employee at Tencent and Alibaba and founded Truststone, which provides health information systems to pharmaceutical and medical institutions. The markets website Seeking Alpha said six days ago: “LDOC is growing quickly, has potentially large expansion capabilities into other health areas and the IPO appears reasonably valued, so is worth consideration. We are developing LinkDoc solutions from these precious real world big data to empower clinical doctors, healthcare industry and patients with better oncology care.” “We have collaborated with 600 departments from 300 top oncology centres in China. “We have developed proprietary machine learning and human language processing enabled mechanism to structure millions of clinical EMR into research grade data,” the group says in its page on LinkedIn. “Through clinical data fusion system, the company helps hospitals and departments to establish a structured electronic medical record database,” it says. LinkDoc describes itself as a “leading” big data company from China focused on oncology, the treatment of cancer and tumors.īased in Beijing, LDoc, as it is known, has systems that use artificial intelligence to assist in patient management, and other services. Analysts says they also suspect that Beijing is pressing domestic companies to list in Hong Kong instead of overseas. The company, which is reportedly backed by Alibaba, filed for an IPO last month and was due to set a price for its shares later today (Thursday July 8).Ĭhinese regulators are concerned about the security of large volumes of personal data accumulated by internet-based platforms that list in the US. LinkDoc Technology Ltd has suddenly shelved an IPO that was set to raise up to $211 million in the US, according to sources who spoke to Reuters and Nikkei. (AF) Chinese medical data group LinkDoc has cancelled an initial public offering in the United States after Beijing ramped up its tech crackdown last week against Didi Global and other companies that listed abroad recently. Medical data group abandons plan for US IPO at the last minute after tech crackdown by Chinese regulators on Didi and other internet-based platforms
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