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It is the first known Chinese firm to pull back from its IPO plans since the crackdown began last week with an investigation by China’s cybersecurity regulator into ride-hailing giant Didi Global Inc just two days after it made its New York debut.īeijing said on Tuesday that 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. The decision to pull the LinkDoc deal was due to the crackdown, the sources said. One of the sources said the regulatory uncertainty affected both the company and investors. LinkDoc filed for an initial public offering in the United States last month and was due to price its shares after the U.S. It had planned to sell 10.8 million shares between $17.50 and $19.50 each. The deal would have raised $211 million at the upper end of the indicated range. The book closed one day earlier than planned on Wednesday, two of the sources said. (Reporting by Scott Murdoch and Kane Wu Editing by Sumeet Chatterjee, Christopher Cushing and Edwina Gibbs) The sources declined to be named as the information has not yet been made public yet.īeijing-based LinkDoc did not immediately respond to a request for comment. (Only the headline and picture of this report may have been reworked by the Business Standard staff the rest of the content is auto-generated from a syndicated feed.)īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world.

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