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.
DAMAGE REPORT: Global central banks are assessing war-driven inflation risks as the law of unintended consequences careens around the world, spiking oil prices Central banks from Washington to London and from Jakarta to Taipei are about to make their first assessments of economic damage after more than two weeks of conflict between the US and Iran. Decisions this week encompassing every member of the G7 and eight of the world’s 10 most-traded currency jurisdictions are likely to confirm to investors that the specter of a new inflation shock is already worrying enough to prompt heightened caution. The US Federal Reserve is widely expected to do exactly what everyone anticipated weeks ahead of its March 17-18 policy gathering: hold rates steady. The narrative surrounding that
At a massive shipyard in North Vancouver, Canadian workers grind metal beams for a powerful new icebreaker crucial to cementing the country’s presence in the increasingly contested arctic. Icebreakers are specialized, expensive vessels able to navigate in the frozen far north. And “this is the crown jewel,” said Eddie Schehr, vice president of production at the Seaspan shipyard. For Canadian Prime Minister Mark Carney, who heads to Norway next Friday to observe arctic defense drills involving troops from 14 NATO states, Canada’s extreme north has emerged as a strategic priority. “Canada is and forever will be an Arctic nation,” he said ahead of
Chinese entrepreneur Frank Gao used to spend long hours running his social media accounts but now outsources the chore to artificial intelligence (AI) agent tool OpenClaw, which is taking China by storm despite official warnings over cybersecurity. OpenClaw, created in November by an Austrian coder, differs from bots such as ChatGPT because it can execute real-life tasks such as sending e-mails, organizing files or even booking flight tickets. “Since January, I’ve spent hours on the lobster every day,” Gao said in an interview, referring to OpenClaw’s red crustacean mascot. “We’re family.” After downloading OpenClaw, users connect it to artificial intelligence models of their
PRICE HIKES: The war in the Middle East would not significantly disrupt supply in the short term, but semiconductor companies are facing price surges for materials Taiwan’s semiconductor companies are not facing imminent supply disruptions of essential chemicals or raw materials due to the war in the Middle East, but surges in material costs loom large, industry association SEMI Taiwan said yesterday. The association’s comments came amid growing concerns that supplies of helium and other key raw materials used in semiconductor production could become a choke point after Qatar shut down its liquefied natural gas (LNG) production and helium output earlier this month due to the conflict. Qatar is the second-largest LNG supplier in the world and accounts for about 33 percent of global helium output. Helium is
RSS