The gathering regulatory clampdown has led investors to shun Chinese stocks in the US. Read more: Could Beijing’s probe of Didi’s data security stymie consumer spending? 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.
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LinkDoc’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.
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.
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