1/22/2024 0 Comments Linkdoc technology ipo![]() The string of shelved listings may indicate that companies are putting off IPOs until they better understand Beijing’s new regulatory scheme, including the State Council’s Tuesday directive on “illegal securities activities,” which the body has yet to clarify. Soulgate cited “alternative financing options” as the reason for yanking its IPO. Bike-sharing app Hello and dating platform Soulgate both scrapped their Nasdaq listing plans in late June the companies were aiming to raise $100 million and $198 million, respectively. Ximalaya hasn’t filed to list in Hong Kong.Ĭhina’s most popular fitness app, Keep, which operates under parent group Beijing Calories Technology, was eyeing a $500 million NYSE listing, but didn’t follow through on the debut that was supposed to take place this week, the FT reports. The Shanghai company was set to list in New York as early as May but was pressured by regulators, including the CAC, to debut in the Asian financial hub instead, according to Reuters. Podcast and radio platform Ximalaya dropped its NYSE listing plans in recent weeks after discussions with regulators yielded an understanding that “a Hong Kong listing would be regarded as a preferred outcome,” a source told the Financial Times. None of the five companies replied to Fortune’s request for comment. ![]() The value of the five shelved IPOs exceeds $1.4 billion, according to Refinitiv data. ![]() last month.Īll five companies that have delayed their IPOs operate high-tech app platforms that accumulate, store, and deploy important consumer data, from health to lifestyle to location information-exactly the kind of troves Beijing wants to protect. The two companies went public in the U.S. The CAC announced on Monday two more probes, into Full Truck Alliance, known as China’s “ Uber for trucks,” and job recruitment platform Boss Zhipin, citing similar issues. Last week, the Cyberspace Administration of China (CAC) announced an investigation into Didi over data and national security concerns, two days after the ride-hailing giant raised $4.4 billion in an IPO on the New York Stock Exchange (NYSE). ![]() LinkDoc’s delay was the first sign that Beijing’s clampdown on Chinese companies’ overseas listings is stalling the parade of firms readying IPOs in the U.S. The Beijing-based company pulled the listing because of Beijing’s regulatory crackdown, says Reuters. pipeline among firms that had already filed to list, according to Refinitiv data. It was the second-largest Chinese IPO in the U.S. LinkDoc was expected to raise up to $211 million on the Nasdaq. listing by a Chinese firm on record, after Alibaba Group Holding Ltd.’s $25 billion blockbuster debut in 2014.Medical data platform LinkDoc Technology shelved its IPO plans on Thursday, becoming the first company to axe its debut after China announced stricter supervision on overseas listings, Bloomberg reports. this year, according to data compiled by Bloomberg. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte according to a preliminary filing.Ĭhinese companies have raised about $13 billion through first-time share sales in the U.S. LinkDoc, founded in 2014, provides cancer focused health-care services built on big data and artificial intelligence, its website shows. A representative for LinkDoc declined to comment. Reuters reported LinkDoc’s IPO halt earlier Thursday. LinkDoc’s IPO delay also comes as regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, Bloomberg News reported this week. plunged after the government ordered the removal of the ride-hailing giant’s app from local app stores within days of its $4.4 billion U.S. were arranging the deal.Ĭhinese technology stocks suffered a rout after China signaled a new era of tighter oversight over cybersecurity. LinkDoc was slated to price the offering on Thursday, which could have raised as much as $211 million. ![]() Market volatility has played a part in the postponement and the Beijing-based medical data company could revisit its listing plans when conditions improve, said one of the people, who asked not to be identified as the information is private. initial public offering, people familiar with the matter said, the first known company to pull out of a debut after China’s government cracked down on overseas listings. ![]()
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