Startups

LinkDoc Seeks $200-300 Million Ahead of Hong Kong IPO

Sep 09, 2021, 20:47pm2021/09/10 06:02:23 Pandaily

According to Bloomberg, LinkDoc Technology Limited, a medical data platform company backed by Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Group, plans to lead a $200 to $300 million financing round before its upcoming IPO in Hong Kong.

A person familiar with the matter said such a plan is still under discussion and no decision has been made yet. They added that the specific plan and details of the Pre-IPO and the Hong Kong IPO could still change.

Founded in 2014, LinkDoc specializes in providing big data and artificial intelligence solutions for all parties in the pharmaceutical and medical industries. Since 2015, the company has completed five rounds of financing with investors such as Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Health, Youshan Capital, CBC Capital, Ally Bridge Group and others.

In March this year, Alibaba<img decoding="async" class="trade-card__loading" layout="fixed" height="50" width="50" src="https://assets.pandaily.com/uploads/2021/12/loading.png" placeholder /> Health made a strategic investment in the company. The two sides announced that they will build a patient-centered and innovation-driven service platform, which provides whole-cycle support for cancer patients. The service will work by connecting APPs such as the Ali Health platform with the LinkDoc Internet Hospital and Cancer Patient Service Center..

In June this year, LinkDoc officially submitted its prospectus to the US Securities and Exchange Commission (SEC) and planned to list on the Nasdaq. At that time, it was set to raise as much as $211 million from issuing $10.8 million shares at a price of $17.50 to $19.50.

According to the prospectus disclosed by the company itself, the company’s revenue in 2019 and 2020 were RMB 374 million yuan and RMB 942 million yuan respectively, with a year-on-year increase of 89%. Their first quarter revenue for this year was RMB 223 million yuan, up by RMB 159 million yuan from the same period of 2020.

But in July, LinkDoc scrapped plans to list due to market volatility. It thus became the first prominent Chinese company to halt its US IPO plans after Beijing cracked down on domestic companies listing overseas.

Subscribe now to get unlimited access.