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Business & Finance

LinkDoc becomes first Chinese firm to shelve US IPO after Beijing's crackdown

  • Beijing said on Tuesday that it would strengthen supervision of all Chinese firms listed offshore
08 Jul, 2021

HONG KONG: 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.

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.

Beijing said on Tuesday that it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in US-listed Chinese stocks.

Massive ransomware attack potentially hit 1,000 businesses

The decision to pull the LinkDoc deal was due to the crackdown, the sources said. 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 US market close on Thursday.

It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The deal would have raised $211 million at the upper end of the indicated range.

The book closed one day earlier than planned on Wednesday, two of the sources said.

The sources declined to be named as the information has not yet been made public yet.

Beijing-based LinkDoc did not immediately respond to a request for comment.

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