Renaissance Capital logo

Chinese health data firm LinkDoc Technology postpones $200 million US IPO

July 8, 2021
LDOC

LinkDoc Technology, a Chinese healthcare data company specializing in oncology patients, postponed its IPO on Thursday. The company had been expected to price its IPO on Thursday night. It had filed to raise $200 million by offering 10.8 million shares at a price range of $17.50 to $19.50. Insiders and anchor investors had indicated an interest in buying 58% of the deal.

On Wednesday, LinkDoc filed an amendment where it added risks related to China's new capital markets regulation and oversight, which had been issued by the country's regulator the day before.

The news comes amid China's latest crackdown of its domestic internet companies, which has most recently focused on US listings. Days after DiDi Global's (DIDI) $4.4 billion US IPO, the regulator announced that it was pulling DiDi's app from the app store until it came under compliance with certain data security requirements, causing the stock to crash.

So far this year, 31 Chinese issuers have raised $12.3 billion in US IPOs, more than all of last year, representing roughly 15% of the US IPO market by deal count and proceeds.

Backed by Alibaba Health, LinkDoc Technology provides a platform that structures cancer patient data to enable precision medicine and personalized care. The company's product suite includes a digital continuous care platform for patients with critical diseases, an AI-enabled curation system for longitudinal medical data, and a precision life sciences platform for clinical research.

The Beijing, China-based company was founded in 2014 and booked $154 million in sales for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol LDOC. Morgan Stanley, BofA Securities, CICC, Tiger Brokers, and Snowball Securities were set to be the joint bookrunners on the deal.