The company’s primary offerings include: LinkCare (a continuous care platform), LinkData (a longitudinal medical data system) and LinkSolutions (a clinical trial matching service). “LinkDoc has received at least $366 million in equity investment from investors including Digital Medical Technology, New Enterprise Associates, China Broadband Capital, Esta Investments Pte, Lifetech Company and Alibaba Health Technology Company.” “Management is headed by founder and Chief Executive Officer Tianze Zhang, who was previously an employee at Tencent and Alibaba and founded Truststone, which provides health information systems to pharmaceutical and medical institutions. The markets website Seeking Alpha said six days ago: “LDOC is growing quickly, has potentially large expansion capabilities into other health areas and the IPO appears reasonably valued, so is worth consideration. We are developing LinkDoc solutions from these precious real world big data to empower clinical doctors, healthcare industry and patients with better oncology care.” “We have collaborated with 600 departments from 300 top oncology centres in China. “We have developed proprietary machine learning and human language processing enabled mechanism to structure millions of clinical EMR into research grade data,” the group says in its page on LinkedIn. “Through clinical data fusion system, the company helps hospitals and departments to establish a structured electronic medical record database,” it says. LinkDoc describes itself as a “leading” big data company from China focused on oncology, the treatment of cancer and tumors.īased in Beijing, LDoc, as it is known, has systems that use artificial intelligence to assist in patient management, and other services.
Analysts says they also suspect that Beijing is pressing domestic companies to list in Hong Kong instead of overseas. The company, which is reportedly backed by Alibaba, filed for an IPO last month and was due to set a price for its shares later today (Thursday July 8).Ĭhinese regulators are concerned about the security of large volumes of personal data accumulated by internet-based platforms that list in the US. LinkDoc Technology Ltd has suddenly shelved an IPO that was set to raise up to $211 million in the US, according to sources who spoke to Reuters and Nikkei. (AF) Chinese medical data group LinkDoc has cancelled an initial public offering in the United States after Beijing ramped up its tech crackdown last week against Didi Global and other companies that listed abroad recently. In May, Reuters reported that Beijing was pressing audio platform Ximalaya to drop US listing plans and opt for Hong Kong instead, with one source at the time citing Beijing's concerns that US regulators will potentially gain more access to audit documents of New York-listed Chinese companies.Īnalysts also note the tougher stance coincides with new US regulations being rolled out that could see Chinese companies delisted if they do not comply with US auditing rules.Medical data group abandons plan for US IPO at the last minute after tech crackdown by Chinese regulators on Didi and other internet-based platforms 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. So far this year, a record $12.5 billion by Chinese firms has been raised from 34 US 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 US later this year, a review of the filings showed. 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. Morgan Stanley and Bank of America declined to comment, while CICC did not respond to a Reuters request for comment. Morgan Stanley, Bank of America, and China International Capital Corp Ltd (CICC) were the investment banks on the deal. 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.