LinkDoc Technology Limited, a Chinese medical big data company, announced on Monday that it has withdrawn its application for a public listing in the United States.
In June 2021, LinkDoc submitted a prospectus to the Securities and Exchange Commission (SEC) in application for a listing on the Nasdaq. The trading code was drafted as “LDOC.” LinkDoc planned to issue 49.8 million shares at a maximum price of $4.88 per share, and it could have raised a total of $24.3 million. The underwriters in charge of the prospective IPO were Morgan Stanley, BofA Securities, and CICC.
In July 2021, LinkDoc announced a suspension of the IPO plan and postponed its listing, without disclosing any underlying reasons or updates on any new process. Then in September, LinkDoc was reported to be planning to go public in Hong Kong for external reasons.
LinkDoc was founded in 2014. Leveraging LinkData, a self-developed AI data management system, LinkDoc provides clinical recruitment, real-world research, and data insight services based on precision life science solutions in the fields of oncology, rare ailments, and other major diseases. It also runs full lifecycle services such as internet hospital treatment, offline service center care and innovative insurance payments on its platform for digital critical illness patient health management. This allows for accurate, personalized care and treatment of patients suffering from critical illnesses.
LinkDoc has completed six rounds of financing. Prior to its IPO filing, it received strategic investment from Alibaba Health in March 2021. According to its prospectus, the firm’s revenue for 2020 was $942 million, while that of 2019 was $499 million. On a non-GAAP basis, the adjusted net loss was 233 million yuan in 2020, up from 389 million yuan in 2019.