![]() later this year, a review of the filings showed. 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. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 U.S. 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. 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. LinkDoc did not immediately respond to a request for comment. The sources declined to be identified as the information has not yet been made public. The book closed one day earlier than planned on Wednesday, one of the three sources and a separate person said. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. and make it more difficult to raise funds overseas," he said.īacked by Alibaba Health Information Technology Ltd (0241.HK), LinkDoc filed for its IPO last month and was due to price its shares after the U.S. "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. 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. 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. The sources declined to be named as the information has not yet been made public yet.īeijing-based LinkDoc did not immediately respond to a request for comment.Register now for FREE unlimited access to Register The book closed one day earlier than planned on Wednesday, two of the sources said. ![]() The deal would have raised $211 million at the upper end of the indicated range. LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S. One of the sources said the regulatory uncertainty affected both the company and investors. The decision to pull the LinkDoc deal was due to the crackdown, the sources said. It is the first known Chinese firm to pull back from its IPO plans since the crackdown began last week with an investigation by China's cybersecurity regulator into ride-hailing giant Didi Global Inc (DIDI.N) just two days after it made its New York debut.īeijing said on Tuesday that it would strengthen supervision of all Chinese firms listed offshore, a sweeping regulatory shift that triggered a sell-off in U.S.-listed Chinese stocks. HONG KONG, July 8 (Reuters) - Chinese medical data group LinkDoc Technology Ltd (LDOC.O) has shelved plans for an IPO in the United States following Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter.
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