The Hong Kong Economic Daily reported on the 8th that LinkDoc, a medical big data service, has put on hold plans to hold an IPO on the U.S. While Chinese authorities strengthen supervision of overseas listing.
Citing related sources and foreign media, the media reported that Linkdoc tried to raise up to $211 million in funds by listing in U.S. But the Chinese government decided to delay the listing indefinitely.
Linkdoc, which provides medical data solutions, applied for an IPO in the U.S. last month. It was scheduled to decide on a public offering price after the New York stock market closes on the 8th (local time).
The Chinese government announced on Thursday that it will strengthen monitoring of Chinese companies listed on foreign markets.
Chinese Stocks are Falling Sharply
As a result, shares of Chinese companies listed in the U.S. are falling sharply every day after day.
China’s CAC announced last week that it has launched an investigation into the illegal activities of Didi Chuxing. It’s a car-sharing service that had just been listed on the New York Stock Exchange in June.
LinkDoc is the first Chinese company to cancel IPOs that have been prepared since then.
Sources said both Linkdoc and investors agreed to postpone listing in New York because the uncertainty grew as regulations expanded.
LinkDoc was launched in 2014, and its main business is to provide cancer-related medical services to customers through big data and artificial intelligence (AI).
In March, it received strategic investments from Alibaba’s subsidiary, Ali Health, which is the largest e-commerce company.
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