listing by a Chinese firm on record, after Alibaba Group Holding Ltd.’s $25 billion blockbuster debut in 2014. this year, according to data compiled by Bloomberg. HONG KONG (Reuters) -Chinese medical data group LinkDoc Technology Ltd has shelved plans for an IPO in the United States due to Beijings clampdown on overseas listings by domestic firms. Its investors include Alibaba Health Information Technology Ltd., MBK Partners, New Enterprise Associates and Temasek Holdings Pte according to a preliminary filing.Ĭhinese companies have raised about $13 billion through first-time share sales in the U.S. LinkDoc, founded in 2014, provides cancer focused health-care services built on big data and artificial intelligence, its website shows. A representative for LinkDoc declined to comment. Reuters reported LinkDoc’s IPO halt earlier Thursday. LinkDoc’s IPO delay also comes as regulators in Beijing are planning rule changes that would allow them to block a Chinese company from listing overseas even if the unit selling shares is incorporated outside China, closing a loophole long-used by the country’s technology giants, Bloomberg News reported this week. plunged after the government ordered the removal of the ride-hailing giant’s app from local app stores within days of its $4.4 billion U.S. The firm, worth at least $180 billion per a recent funding round, was mulling an offering in the United States or Hong Kong but paused after Chinese officials asked the company to look into data security risks, the Journal reports.īyteDance's path offers a marked contrast with ride-hailing giant DiDi, which reportedly went ahead with an IPO on the New York Stock Exchange in early July after being urged by the country's Cyberspace Administration not to proceed.Īccording to reporting from The Wall Street Journal, Chinese tech giant ByteDance decided to delay its much-anticipated IPO earlier this year at the urging of regulators in Beijing.Chinese technology stocks suffered a rout after China signaled a new era of tighter oversight over cybersecurity. Following DiDi's market debut, the Cyberspace Administration of China began an investigation into its data security and ordered it to halt new user registrations in China.Īccording to reporting by the Financial Times, other Chinese tech companies who have delayed, reconsidered or canceled U.S. IPOs due to regulatory pressure include fitness tech company Keep, medical data company LinkDoc Technology and podcasting platform Ximalaya FM.ĭavid Wertime is Protocol China's former executive director. He also hosts POLITICO's China Watcher newsletter.ĭavid is a widely cited China expert with twenty years' experience who has served as a Peace Corps Volunteer in China, founded and sold a media company, and worked in senior positions within multiple newsrooms. After four years working on international deals for top law firms in New York and Hong Kong, David co-founded Tea Leaf Nation, a website that tracked Chinese social media, later selling it to the Washington Post Company. David then served as Senior Editor for China at Foreign Policy magazine, where he launched the first Chinese-language articles in the publication's history. Thereafter, he was Entrepreneur in Residence at the Lenfest Institute for Journalism, which owns the Philadelphia Inquirer. In 2019, David joined Protocol's parent company and in 2020, launched POLITICO's widely-read China Watcher. David is a Senior Fellow at the Foreign Policy Research Institute, a Research Associate at the University of Pennsylvania's Center for the Study of Contemporary China, a Member of the National Committee on U.S.-China Relations, and a Truman National Security fellow. He lives in San Francisco with his wife Diane and his puppy, Luna.Īs PayPal veterans celebrated the 20th anniversary of the company’s audacious 2002 IPO at Peter Thiel’s mansion in Los Angeles over the weekend, a crew filmed interviews with some attendees, according to multiple people present for the event.Īttendees for the weekend bash included co-founders Elon Musk and Max Levchin, sources said, as well as early PayPal employees like Deb Liu, now the CEO of Ancestry. Party entertainment included a band, a magician and photo booths, alongside a spread of lobster. On the day of PayPal’s IPO, Thiel celebrated by playing multiple simultaneous games of chess against his employees. The anniversary party also featured chess sets, but attendees seemed to prefer networking. The project is based on Soni’s book “The Founders,” a history of PayPal’s early days that digs deep into the company’s origins and highlights untold stories of how the company was built. A team of producers including Goffman has acquired the rights to the book, according to a message Soni sent.
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