LinkDoc Technology Ltd (零氪科技) has halted plans for a US initial public offering (IPO), people familiar with the matter said, the first known company to pull out of a debut after the Chinese 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 scheduled to price the offering yesterday, which could have raised as much as US$211 million.
Morgan Stanley, Bank of America Corp and China International Capital Corp were arranging the deal.
Chinese technology stocks suffered a rout after Beijing signaled a new era of tighter oversight over cybersecurity.
Shares of 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 US$4.4 billion US IPO.
CHANGE COMING
LinkDoc’s IPO delay also comes as Chinese regulators 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 yesterday.
A representative for LinkDoc declined to comment.
LinkDoc, founded in 2014, provides cancer-focused healthcare services built on big data and artificial intelligence, its Web site shows.
INVESTORS
Its investors include Alibaba Health Information Technology Ltd, MBK Partners, New Enterprise Associates and Temasek Holdings Pte, a preliminary filing showed.
Chinese companies have raised about US$13 billion through first-time share sales in the US this year, Bloomberg data showed.
Didi’s IPO was the second largest US listing by a Chinese firm on record, after Alibaba Group Holding Ltd’s (阿里巴巴) US$25 billion blockbuster debut in 2014.
CAUTIOUS RECOVERY: While the manufacturing sector returned to growth amid the US-China trade truce, firms remain wary as uncertainty clouds the outlook, the CIER said The local manufacturing sector returned to expansion last month, as the official purchasing managers’ index (PMI) rose 2.1 points to 51.0, driven by a temporary easing in US-China trade tensions, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The PMI gauges the health of the manufacturing industry, with readings above 50 indicating expansion and those below 50 signaling contraction. “Firms are not as pessimistic as they were in April, but they remain far from optimistic,” CIER president Lien Hsien-ming (連賢明) said at a news conference. The full impact of US tariff decisions is unlikely to become clear until later this month
Popular vape brands such as Geek Bar might get more expensive in the US — if you can find them at all. Shipments of vapes from China to the US ground to a near halt last month from a year ago, official data showed, hit by US President Donald Trump’s tariffs and a crackdown on unauthorized e-cigarettes in the world’s biggest market for smoking alternatives. That includes Geek Bar, a brand of flavored vapes that is not authorized to sell in the US, but which had been widely available due to porous import controls. One retailer, who asked not to be named, because
Real estate agent and property developer JSL Construction & Development Co (愛山林) led the average compensation rankings among companies listed on the Taiwan Stock Exchange (TWSE) last year, while contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) finished 14th. JSL Construction paid its employees total average compensation of NT$4.78 million (US$159,701), down 13.5 percent from a year earlier, but still ahead of the most profitable listed tech giants, including TSMC, TWSE data showed. Last year, the average compensation (which includes salary, overtime, bonuses and allowances) paid by TSMC rose 21.6 percent to reach about NT$3.33 million, lifting its ranking by 10 notches
CHIP DUTIES: TSMC said it voiced its concerns to Washington about tariffs, telling the US commerce department that it wants ‘fair treatment’ to protect its competitiveness Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reiterated robust business prospects for this year as strong artificial intelligence (AI) chip demand from Nvidia Corp and other customers would absorb the impacts of US tariffs. “The impact of tariffs would be indirect, as the custom tax is the importers’ responsibility, not the exporters,” TSMC chairman and chief executive officer C.C. Wei (魏哲家) said at the chipmaker’s annual shareholders’ meeting in Hsinchu City. TSMC’s business could be affected if people become reluctant to buy electronics due to inflated prices, Wei said. In addition, the chipmaker has voiced its concern to the US Department of Commerce
RSS