LinkDoc did not immediately respond to a request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal. Morgan Stanley and Bank of America declined to comment, while CICC did not respond to a Reuters request for comment. US capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool. So far this year, a record US$12.5 billion by Chinese firms has been raised from 34 US listings, Refinitiv data shows, well up from the US$1.9 billion from 14 deals in the same period a year ago.Įight Chinese companies including home service platform Daojia Ltd and Atour Lifestyle Holdings have made public filings with the Securities and Exchange Commission (SEC) to list in the US later this year, a review of the filings showed.The Financial Times reported on Thursday that Keep, a Chinese sports-oriented social platform, and Ximalaya, the largest podcast platform in China, have both cancelled previous IPO plans in the United States during recent weeks. On the same day, Reuters reported that LinkDoc, a Chinese medical technology company, had also shelved its IPO plan. On May 1, Ximalaya submitted an IPO application to the SEC, with Goldman Sachs, Morgan Stanley, Bank of America and CICC acting as joint underwriters. On May 12, LinkDoc was reported to be planning an IPO, cooperating with Bank of America, CICC and Morgan Stanley, possibly raising about $500 million in the process. At the end of the month, IFR reported that Keep, supported by SoftBank and Tencent, also intended to go to the United States for an IPO, raising $500 million. Pandaily previously reported that LinkDoc had originally prepared to list on the Nasdaq on July 9, under ticker symbol “LDOC,” where it planned to issue 10.8 million American Depository Shares (ADS). Each ADS is equivalent to four common shares, with the issue price ranging from $17.5 to $19.5.Īccording to CareerIn, citing people familiar with the matter, in the future overseas listings of Chinese companies, including offshore entities, will increasingly be brought under the supervision of China Securities Regulatory Commission. In July, 2021, Chinese authorities issued a circular calling for the removal of the “Didi Chuxing” app, then carried out network security reviews on “Yunmanman,” “Huochebang” and “BOSS Zhipin” to ensure accordance with the law. The developments have already had a strong impact on other companies preparing to list publicly in the United States. SEE ALSO: Didi’s Mini Programs Removed from WeChat and Alipay, Affecting Its Business Prior to this, on June 11 government officials tested the collection and use of personal information by a range of widely-used apps,notifying 129 of them, including Keep, of their illegal harvesting and use of user data. Keep is a fitness app with various social networking attributes, and has amassed more than 200 million users.
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