![]() 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. 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. "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. ![]() Powered by Create your own unique website with customizable templates. Nulla tellus felis, porttitor at blandit et, suscipit in urna. Lorem ipsum dolor sit amet, consectetur adipiscing elit. It had planned to sell 10.8 million shares between $17.50 and $19.50 each.Īnd 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 U.S. Sources chinabased keep linkdoc us ipotimes My Work. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The Alibaba-backed company offers a repository of big data for the healthcare industry such as clinical trials, AI diagnosis, and management. The sources declined to be identified as the information has not yet been made public. LinkDoc, which due to price its shares on Thursday and expected to raise more than 200m, shelved its Nasdaq IPO plans this week. LinkDoc did not immediately respond to a request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. later this year, a review of the filings showed. LinkDoc, which due to price its shares on Thursday and expected to raise more than 200m, shelved its Nasdaq IPO plans this week. The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S. Chinabased keep linkdoc us ipotimes The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S. (Bloomberg) - LinkDoc Technology, a Beijing-based medical data company, has shelved plans for a U.S. regulations being rolled out that could see Chinese companies delisted if they do not comply with U.S. Morgan Stanley, BofA Securities and CICC are the underwriters for the proposed IPO.Initial public offering following China’s crackdown on overseas listings by local firms, Reuters reported, citing unidentified people. The company will list on the Nasdaq under the symbol "LDOC", it said.Īlibaba Health is the healthcare flagship platform for the Alibaba Group Holding Ltd (9988.HK), conglomerate. LinkDoc said it will use the proceeds from the offering to strengthen its research and development capacities and for investments and acquisitions, among others. introducing measures that could result in foreign companies being delisted from American stock exchanges within three years if they do not comply with the country's auditing standards. The company's listing plans come despite the U.S. The Beijing-based company, which offers cancer-focused healthcare services, reported a 41% jump in revenue for the three months ended March 31, according to the filing.įor the same period, net loss attributable to LinkDoc widened to 135.4 million renminbi ($21.17 million) from 61.6 million renminbi a year earlier. ![]() June 14 (Reuters) - LinkDoc Technology Ltd, a medical data company backed by a subsidiary of Alibaba Health Information Technology Ltd (0241.HK), filed for an initial public offering in the United States on Monday.
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