![]() ![]() LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. ![]() The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd (0241.HK), LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "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. 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. 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. That was soon followed with an order for Didi's app be removed from app stores.īeijing also said on Tuesday it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc (DIDI.N) just two days after its New York debut. Chinese companies in need of capital have long headed to the U.S.HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. Ximalaya drops US IPO plan amid China's crackdown on overseas listing Septem3:59 pm Chinese companies have raised about US13 billion through first-time share sales in the US this year, Bloomberg data showed. Stock market to tap deep-pocketed investors, raising more than 100 billion in first-time share sales over the past two. Thursday, Ximalaya, one of China's most prominent audio streaming platforms backed by Tencent, said it will drop its IPO plan in the United States filed in April.ĭidi’s IPO was the second largest US listing by a Chinese firm on record, after Alibaba Group Holding Ltd’s () US25 billion blockbuster debut in 2014. LinkDoc was expected to raise up to 211 million on the Nasdaq. Ximalaya has previously suspended its IPO plan after DiDi's disastrous IPO in July. It was the second-largest Chinese IPO in the U.S. pipeline among firms that had already filed to list, according to Refinitiv data. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc just two days after its New York debut. Amid a cybersecurity probe, Chinese authorities have pressured Ximalaya to drop its U.S. That was soon followed with an order for Didi's app be removed from app stores. IPO plan and list in Hong Kong instead since May. Under pressure from regulators and distrust from investors, many Chinese companies such as Xiaohongshu, a social commerce platform backed by Alibaba and Tencent Keep, a fitness app backed by Tencent and Ximalaya, have either dropped or suspended their U.S. IPO plans since July.Īccording to Reuters, China is currently framing new regulations to ban IPOs outside of the country for tech companies with data security risks. Yet the pressure for Chinese tech companies doesn't stop there - the U.S. ![]() Securities and Exchange Commission is also issuing new disclosure requirements, asking Chinese companies to reveal their use of variable interest entities (VIEs) to investors. LinkDoc Technology Limited, a medical data platform company backed by Alibaba, was the first to scrape its IPO plan in the U.S. LinkDoc Technology is now planning to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong, according to Bloomberg. ![]()
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