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The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. later this year, a review of the filings showed.
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listings, Refinitiv data shows, well up from the $1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the U.S. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal and all declined to comment to Reuters. 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, 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.
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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. Morgan Stanley, BofA Securities, CICC, Tiger Brokers, and Snowball Securities were set to be the joint bookrunners on the deal.Beijing 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 had planned to list on the Nasdaq under the symbol LDOC. The Beijing, China-based company was founded in 2014 and booked $154 million in sales for the 12 months ended March 31, 2021. The company's product suite includes a digital continuous care platform for patients with critical diseases, an AI-enabled curation system for longitudinal medical data, and a precision life sciences platform for clinical research. So far this year, 31 Chinese issuers have raised $12.3 billion in US IPOs, more than all of last year, representing roughly 15% of the US IPO market by deal count and proceeds.īacked by Alibaba Health, LinkDoc Technology provides a platform that structures cancer patient data to enable precision medicine and personalized care. Days after DiDi Global's ( DIDI) $4.4 billion US IPO, the regulator announced that it was pulling DiDi's app from the app store until it came under compliance with certain data security requirements, causing the stock to crash. The news comes amid China's latest crackdown of its domestic internet companies, which has most recently focused on US listings. On Wednesday, LinkDoc filed an amendment where it added risks related to China's new capital markets regulation and oversight, which had been issued by the country's regulator the day before. It had filed to raise $200 million by offering 10.8 million shares at a price range of $17.50 to $19.50. Insiders and anchor investors had indicated an interest in buying 58% of the deal. The company had been expected to price its IPO on Thursday night. LinkDoc Technology, a Chinese healthcare data company specializing in oncology patients, postponed its IPO on Thursday.