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'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. That was soon followed with an order for Didi's app be removed from app stores.īeijing also said on Tuesday 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. It is the first Chinese firm known to have pulled back from IPO plans since China's cybersecurity regulator toughened its approach to oversight last week with an investigation into ride-hailing giant Didi Global Inc just two days after its New York debut. HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijing's clampdown on overseas listings by domestic firms, according to three sources with direct knowledge of the matter. FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015. Liu also oversees Didi’s other corporate matters including human resources and represents the company in external communications especially during crises.2/2 © Reuters. She has been deeply involved in the company’s key corporate financial decisions, including its merger with Alibaba Group Holding Ltd-backed Kuaidi in 2015, takeover of Uber Technologies Inc’s China business and fundraising from investors including Apple Inc.

She holds a 1.6% stake, worth around $640 million currently, in the company and controls 23% of the vote, thanks to a dual-class share structure, according to the company’s prospectus. One of the sources familiar with Liu’s plans said the Harvard alumni and daughter of Lenovo Group founder Liu Chuanzhi had also talked about leaving Didi in the years before the current regulatory crisis to try her hand at something new.ĬAC did not respond to Reuters request for comment, while Didi did not respond to specific questions. Reuters could not learn whether regulators had asked for Liu’s departure and what would happen to other executives, such as Didi Chairman and CEO Will Cheng.

Officials from at least six other departments also got involved.

SOURCES DIDI CHINABASED KEEP LINKDOC US DOWNLOAD

Soon after the listing, the CAC announced an investigation into Didi and subsequently ordered the removal of its apps for download in China. Officials have launched a broad crackdown on private companies, including those in the tech sector, to control big data and break down monopolistic practices.īillionaires minted by high-profile listings, such as Didi’s $4.4 billion debut, have fallen out of favor as President Xi Jinping warns against the country’s vast income inequality.ĭidi ran afoul of the powerful Cyberspace Administration of China (CAC) when it pressed ahead with its debut on June 30, despite the regulator urging the company to put it on hold while it conducted a cybersecurity review of its data practices, according to people with knowledge of the matter. Didi, sometimes dubbed the Uber of China, has come under intense scrutiny since early July by Chinese authorities over its collection and use of personal data of users of its service, pricing mechanisms and competitive practices.

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