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Following Beijing’s crackdown, Chinese medical data firm LinkDoc has canceled its planned IPO in the United States.
Kane Wu and Scott Murdoch
8th of July, 2021
According to three sources with firsthand knowledge of the situation, Chinese medical data firm LinkDoc Technology Ltd has abandoned plans for an IPO in the United States as a result of Beijing’s crackdown on local companies listing overseas.
It is the first known Chinese company to abandon its IPO ambitions since the crackdown began last week, with China’s cybersecurity regulator opening an investigation into ride-hailing giant Didi Global Inc only two days after it debuted in New York.
Beijing announced on Tuesday that it would enhance oversight of all Chinese companies listed abroad, a major regulatory shift that sparked a sell-off in Chinese stocks listed in the United States.
According to the sources, the decision to cancel the LinkDoc contract was motivated by the crackdown. According to one source, regulatory uncertainty has impacted both the company and investors.
Last month, LinkDoc filed for an initial public offering in the United States, and its shares were set to be priced after the US market closed on Thursday.
It intended to sell 10.8 million shares at a price of $17.50 to $19.50 each. At the upper end of the specified range, the sale would have raised $211 million. According to two of the individuals, the book closed one day early than expected on Wednesday.
Because the material has not yet been made public, the sources declined to be identified.
LinkDoc, based in Beijing, did not respond to a request for comment right away.
Reuters
LinkDoc
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Markets & Initial Public Offerings
LinkDoc, a Chinese medical services provider, is planning a Nasdaq IPO to raise $210 million.
The funds will be used to improve LinkDoc’s research and development efforts, according to the company.
Analysis
The IPO of LinkDoc caters to China’s expanding need for high-quality medical services.
Alibaba Health, MBK Partners of South Korea, and Temasek of Singapore are among LinkDoc’s significant supporters.
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