![]() ![]() Chinese authorities also announced on Tuesday that rules for overseas listings will be revised and regulatory oversight of companies trading in offshore markets stepped up. #Sources didi ximalaya linkdoc fullLinkDoc’s move comes after the US market debut of Chinese ride-hailing operator Didi Global, which raised $4.4 billion in one of corporate China’s biggest New York IPOs in years, was rocked by intervention by Beijing.Ĭhina’s cyberspace agency announced an investigation into Didi’s handling of customer data and barred it from signing up new customers, sending its shares tumbling and wiping billions of dollars from its valuation just days after its listing.īeijing later expanded its probe to two other companies that listed in the US-logistics company Full Truck Alliance and online recruiter Kanzhun. Linkdoc, which is backed by Alibaba Health Information, had been due to price the deal today, determining how much money it would raise. However, market volatility, regulatory uncertainty, and fear of angering Chinese regulators have prompted the company to cancel the offering, one of the people said. The company planned to raise up to USD 210 million on the tech-heavy Nasdaq exchange and closed its books on the deal on Wednesday after apparent strong demand. All Rights Reserved.Chinese medical data group LinkDoc Technology has called off its US initial public offering at the last minute, two people familiar with the transaction said, becoming the first casualty of Beijing’s clampdown on overseas listings. On Tuesday, China said it would tighten restrictions on overseas listings of Chinese companies, urging regulators to amend laws and regulations on data security, cross-border data flow, and other confidential information management. Last week, citing concerns over national data security, China’s Cyberspace Administration of China initiated a review of Didi, Full Truck, and Boss Zhipin, three recent US-listed technology companies On June 11, Beijing passed a new Data Security Law that regulates how companies collect, store and use data. The Alibaba-backed company offers a repository of big data for the healthcare industry such as clinical trials, AI diagnosis, and management.Ĭontext: Data security and cyber sovereignty are also what China emphasis in recent years. LinkDoc, which due to price its shares on Thursday and expected to raise more than $200m, shelved its Nasdaq IPO plans this week. ![]() “After communication with the relevant regulators, Ximalaya understands that a Hong Kong listing would be regarded as a preferred outcome,” people with knowledge of the matter told Financial Times. Ximalaya, which had issued a prospectus in April, also canceled its US IPO in recent weeks. ![]() The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to $500 million in the IPO. Keep, Ximalaya, and LinkDoc call off their US IPO plans J9:17 pmĬhinese fitness app Keep, podcasting platform Ximalaya, medical solution provider LinkDoc reportedly canceled their US IPO plans after Didi debacle.ĭetails: Keep did not go ahead with its planned public filing while its bankers at Morgan Stanley canceled marketing meetings with investors this week, Financial Times reported, citing people familiar with the matter. Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文 ![]()
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