public listings are not forbidden, the move by LinkDoc is expected to spark a pull-out by additional Chinese companies with U.S. The move by officials prompted investors to unload Chinese stocks listed in the U.S.Īnalysts told Reuters that despite the fact that U.S. LinkDoc is likely the first Chinese startup to have retreated from its IPO plans as China’s regulatory agencies stepped up Big Tech oversight. The move against Didi from Chinese regulators came just two days after it went public in the U.S. Sources told Reuters that LinkDoc was in the midst of filing for a $211 million initial public offering (IPO) in New York but scrapped the plans after Beijing pulled Didi from app stores and from payment platforms WeChat Pay and Alipay. Medical data firm LinkDoc Technology and digital fitness platform Keep have both pulled out following regulators’ probes into ride-hailing giant Didi Global, according to separate reports from the Financial Times and Reuters on Thursday (July 8). in light of China’s crackdown on domestic companies looking to list overseas. “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).Two Chinese startups suspended public listing plans in the U.S. 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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