That was soon followed with an order for Didi’s app be removed from app stores.īeijing also stated on Tuesday, July 6, it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in US-listed Chinese stocks. It is the first Chinese firm known to have pulled back from IPO plans since China’s cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi just two days after its New York debut. Support quality journalism and subscribe to Business Standard.Chinese medical data group LinkDoc Technology has shelved plans for an IPO in the United States due to Beijing’s clampdown on overseas listings by domestic firms, according to sources with direct knowledge of the matter. Your support through more subscriptions can help us practise the journalism to which we are committed. We believe in free, fair and credible journalism. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.Īs we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content.
#SOURCES CHINABASED LINKDOC HOW TO#
Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. (Reporting by Scott Murdoch and Kane Wu Editing by Sumeet Chatterjee, Christopher Cushing and Edwina Gibbs) The sources declined to be named as the information has not yet been made public yet.īeijing-based LinkDoc did not immediately respond to a request for comment. The book closed one day earlier than planned on Wednesday, two of the sources said. The deal would have raised $211 million at the upper end of the indicated range. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S.
One of the sources said the regulatory uncertainty affected both the company and investors. The decision to pull the LinkDoc deal was due to the crackdown, the sources said. It is the first known Chinese firm to pull back from its IPO plans since the crackdown began last week with an investigation by China's cybersecurity regulator into ride-hailing giant Didi Global Inc just two days after it made its New York debut.īeijing said on Tuesday that 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. HONG KONG (Reuters) - Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States following Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter.
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