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.
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