The last few weeks have been turbulent for Didi. 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.Shortly after the $ 4.4 billion IPO in New York City, Chinese regulators ordered the removal of all 25 of the company’s apps from app stores and new user registrations were suspended.Ĭhina’s cybersecurity regulators have been investigating Didi since the beginning of this month. It had planned to sell 10.8 million shares between US$17.50 and US$19.50 each. 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. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The sources declined to be identified as the information has not yet been made public.
Chinese medical data group LinkDoc Technology Ltd 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. HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd 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. LinkDoc did not immediately respond to a request for comment. Backed by Alibaba Health Information Technology, LinkDoc filed for its IPO last month and was due to price its shares after the US market close on Thursday. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight. The decision to pull the LinkDoc deal was due to the crackdown, the sources said. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal. One of the sources said the regulatory uncertainty affected both the company and investors. LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S. Keep, Ximalaya, and LinkDoc call off their US IPO plans. Morgan Stanley and Bank of America declined to comment, while CICC did not respond to a Reuters request for comment. Chinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US IPO plans after Didi debacle. Details: Keep did not go ahead with its planned public filing while its bankers at Morgan Stanley canceled marketing meetings with investors this week, Financial Times reported, citing people familiar with the matter. US 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. So far this year, a record US$12.5 billion by Chinese firms has been raised from 34 US listings, Refinitiv data shows, well up from the US$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 US later this year, a review of the filings showed.
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