Keep, Ximalaya, and LinkDoc call off their US IPO plans - PingWest English 中文 Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijings clampdown on overseas listings by domestic firms, according to three sources. Chinese companies risk eviction from U.S. exchanges by 2023 if American regulators. 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. listing in favor of Hong Kong earlier this year. Chinese regulators are said to have pressured Ximalaya to drop its U.S. The fitness platform, backed by SoftBank and Tencent, was originally expected to raise up to $500 million in the IPO. LinkDoc Technology, a health care technology firm, and Ximalaya, a platform for audio sharing, have also reportedly delayed their U.S. HONG KONG, Sept 20 Didi Global Inc co-founder and President Jean Liu has told some close associates that she intends to step down, two sources familiar with the matter said, as the Chinese ride-hailing giant faces intense regulatory scrutiny following its New York listing earlier this year. Ximalaya, which had issued a prospectus in April, also canceled its US IPO in recent weeks. “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. LinkDoc, which due to price its shares on Thursday and expected to raise more than $200m, shelved its Nasdaq IPO plans this week. 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. Sources: after the Didi crackdown, China-based fitness app Keep, podcasting platform Ximalaya, medical data analytics startup LinkDoc pause their US IPO. On June 11, Beijing passed a new Data Security Law that regulates how companies collect, store and use data. #Didi keep ximalaya linkdoc us full#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 #Sources didi ximalaya linkdoc us full#.listing by a Chinese firm on record, after Alibaba Group Holding Ltd.’s $25 billion blockbuster debut in 2014. this year, according to data compiled by Bloomberg. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte according to a preliminary filing.Ĭhinese companies have raised about $13 billion through first-time share sales in the U.S. LinkDoc, founded in 2014, provides cancer focused health-care services built on big data and artificial intelligence, its website shows. For Hong Kong, the One Country, Two Systems principle was dead. A representative for LinkDoc declined to comment. Source: AFP/Getty Images Investors have to rethink the entire China structure, David Kotok of Cumberland Advisers said last week. Reuters reported LinkDoc’s IPO halt earlier Thursday. When the ride-hailing app Didi raised US4.4bn on the New York Stock Exchange at the end of June, it pointed to the benefits of Chinese companies listing. LinkDoc’s IPO delay also comes as regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, Bloomberg News reported this week.
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