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Rounding out its trio of platforms is LinkData, an AI-enabled curation system for longitudinal medical data, which can provide a real-world picture of patient journeys, treatment pathways and health outcomes. The company says it has supported over 310 principal investigators, servicing about 57% of approved new oncological treatments that applied for clinical trials between 2017 and March 31 this year in China.

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Its second revenue-generating platform is LinkSolutions, which provides real-world data for life sciences companies throughout the clinical trial and commercialization stages of drug candidates. That service makes money mostly through the sale of medications and nutritional supplements through its patient care centers, which numbered 34 in 28 provinces as of March 31, up from 24 at the beginning of 2019.

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The largest, called LinkCare, generates roughly 80% of the company’s revenues and integrates online and offline channels to assist patients, especially those suffering from cancer, to better manage their illnesses in and out of hospital. The company’s entire business model is based on the commercial use of sensitive user data, namely the garnering and processing of medical data for conducting research on new drugs and patient care.įounded in 2014, the company has established a data-driven digital infrastructure with three platforms. With its listing suspended, the question now facing LinkDoc is how its operations and plans for the immediate future will be affected. While such language is standard for most Chinese companies seeking to raise cash abroad, in LinkDoc’s case it appears chillingly prescient. “We may be adversely affected by the complexity, uncertainties and changes in PRC regulations of healthcare, digital healthcare and internet-related business and companies, including limitations on our ability to own key assets,” it added. “We are subject to extensive and evolving regulatory requirements,” it said in its IPO prospectusfiled at the start of July. The company certainly can’t be blamed for failing to warn potential investors. exchanges with a total market capitalization of $2.1 trillion, according to the U.S.-China Economic and Security Review Commission.Īs for LinkDoc, is was unclear if the company’s IPO plan was dead or if it will go ahead after a government review. Shares of both of those companies have also tumbled since then.Īs of May 5, there were 248 Chinese companies listed on the three largest U.S.

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That order was quickly extended to include two other recently listed companies, job-seeker site Boss Zhipin, operated by Kanzhun Ltd., and two apps operated by Full Truck Alliance Co. Shares of Didi have fallen as much as 21% since the company’s June 30 IPO after the Cyberspace Administration of China suspended all new user registrations for its apps within China as part of a security review. The regulator’s intervention not only threatens to postpone other upcoming overseas Chinese IPOs, but has also weighed on shares of companies already traded in the New York. In this case offshore listings by tech companies with massive amounts of sensitive data appear to have raised a red flag for policymakers in Beijing, leading to the announcement of tighter scrutiny of data flows, security and handling of confidential information less than a week before LinkDoc’s planned trading debut. IPO, based on the disappearance of its name from a list of active filings maintained by the New York Stock Exchange.Ĭhinese companies like LinkDoc have always been subject to government policy and regulations that can suddenly be strengthened or changed, or abruptly get enforced after lying dormant for years. Meanwhile in a related development, Daojia, a provider of maids and nannies to Chinese homes, has also just pulled its own recent filing for a U.S. The company could also face an imminent cash crunch and be scrambling to find new investors after losing the money it was aiming to raise from the listing. Now LinkDoc must decide what to do next as it contemplates a year-old requirement for reviews of all companies that operate “critical infrastructure” that may lie at the heart of the cybersecurity regulator’s scrutiny. over the last two weeks, led by ride-hailing behemoth Didi Global Inc and two other freshly listed companies that were singled out for criticism.

That scrutiny has rocked shares of Chinese companies in the U.S.

Instead, it became the first Chinese company to officially pull the plug on an overseas listing plan – at least temporarily – in the wake of heightened scrutiny by the nation’s cybersecurity regulator. IPO that would have raised $211 million late last week. Chinese oncology-focused medical data firm LinkDoc Technology Ltd., which is backed by e-commerce giant Alibaba, was looking forward to marking a major milestone in its relatively short history with a U.S.