The investment was led by the sovereign wealth fund, China Investment Corporation (CIC). Tencent partners with Aviva to sell online insurance The company was founded in 2014 and utilises AI and Big Data to provide customised information for the use of healthcare regulators, researchers, insurers and pharmaceutical companies.Ĭhinese healthcare app prepares for $1bn IPOĪlibaba Health partners with Chinese hospitals to develop AI in healthcare LinkDoc is an oncology big data company which collects and standardises healthcare data from hospitals for over 3,000 diseases. HONG KONG (Reuters) Chinese medical data group LinkDoc Technology Ltd has shelved its listing in the United States to raise up to 211 million following Beijing’s clampdown on overseas. The business has partnerships with over 500 hospitals across 30 provinces and regional in China and describes itself as “the world’s leading provider of artificial intelligence and medical big data solutions”. Working across medical institutions, the pharmaceutical industry, the insurance industry and individual patients outside of hospital, the company says it has collaborated with over 600 departments from over 300 top oncology centres in China. Leading investor CIC is wholly state-owned and manages part of China’s foreign exchange reserves. ![]() It was established in 2007 and its most recently recorded AUM (assets under management) figure stands at $810bn. #Chinabased ximalaya linkdoc us ipotimes series#. ![]() LinkDoc's decision to suspend its $211 million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they noted that U.S. listing, they may have to wait for further clarification, stricter scrutiny and pre-approval from different regulators and authorities," said Bruce Pang, macro & strategy research head at China Renaissance Securities. "The new rules may impose long waiting periods on any companies hoping to list abroad which will hit investor sentiment, depress valuations for IPOs in the U.S. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd, LinkDoc filed for its IPO last month and was due to price its shares after the U.S. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. The sources declined to be identified as the information has not yet been made public. 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 and all declined to comment to Reuters. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S.Ĭapital 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. listings, Refinitiv data shows, well up from the $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 U.S. ![]() later this year, a review of the filings showed. The tougher stance by the Cybersecurity Administration of China has been driven in part by concerns that the United States could gain greater access to data owned by Chinese firms - similar to concerns that the previous Trump administration had voiced about Chinese firms operating in the United States. According to Bloomberg, LinkDoc Technology Limited, a medical data platform company backed by Alibaba Group, plans to lead a 200 to 300 million financing round before its upcoming IPO in Hong Kong. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop U.S. A person familiar with the matter said such a plan is still under discussion and no decision has been made yet. listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that U.S. Regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new U.S.
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