Advertisement
Australia markets closed

  • ALL ORDS

    7,937.50
    -0.40 (-0.01%)
     

  • ASX 200

    7,683.00
    -0.50 (-0.01%)
     

  • AUD/USD

    0.6499
    +0.0010 (+0.16%)
     

  • OIL

    82.76
    -0.60 (-0.72%)
     

  • GOLD

    2,329.50
    -12.60 (-0.54%)
     

  • Bitcoin AUD

    98,367.77
    -3,609.55 (-3.54%)
     

  • CMC Crypto 200

    1,382.84
    -41.26 (-2.90%)
     

  • AUD/EUR

    0.6071
    +0.0015 (+0.24%)
     

  • AUD/NZD

    1.0948
    +0.0017 (+0.16%)
     

  • NZX 50

    11,946.43
    +143.15 (+1.21%)
     

  • NASDAQ

    17,526.80
    +55.33 (+0.32%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • Dow Jones

    38,460.92
    -42.77 (-0.11%)
     

  • DAX

    18,088.70
    -48.95 (-0.27%)
     

  • Hang Seng

    17,201.27
    +372.34 (+2.21%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

Chinese Firm LinkDoc Said to Halt U.S. IPO After Crackdown

Bloomberg News
·2-min read

(Bloomberg) -- LinkDoc Technology Ltd. has halted plans for a U.S. 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.

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.

LinkDoc was slated to price the offering on Thursday, which could have raised as much as $211 million. Morgan Stanley, Bank of America Corp. and China International Capital Corp. were arranging the deal.

Chinese technology stocks suffered a rout after China signaled a new era of tighter oversight over cybersecurity. Shares in Didi Global Inc. 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. IPO.

ADVERTISEMENT

Read more: Didi Hit With U.S. Shareholder Suits After China Crackdown

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.

Reuters reported LinkDoc’s IPO halt earlier Thursday. A representative for LinkDoc declined to comment.

LinkDoc, founded in 2014, provides cancer focused health-care services built on big data and artificial intelligence, its website shows. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte according to a preliminary filing.

Chinese companies have raised about $13 billion through first-time share sales in the U.S. this year, according to data compiled by Bloomberg. Didi’s IPO was the second largest U.S. listing by a Chinese firm on record, after Alibaba Group Holding Ltd.’s $25 billion blockbuster debut in 2014.

(Adds more details from fourth paragraph.)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.