![]() The company is now trading at $11.21 per share, 21% below its offer price. ![]() “The companies are likely buying time to ensure that they’ve done enough due diligence that is required in this new Data Security Law era,” says Michael Pang, managing director at consulting firm Protiviti.Īnother concern is investor sentiment, given how badly Beijing’s surprise actions have hurt Didi’s stock. The string of shelved listings may indicate that companies are putting off IPOs until they better understand Beijing’s new regulatory scheme, including the State Council’s Tuesday directive on “illegal securities activities,” which the body has yet to clarify. Soulgate cited “alternative financing options” as the reason for yanking its IPO. Bike-sharing app Hello and dating platform Soulgate both scrapped their Nasdaq listing plans in late June the companies were aiming to raise $100 million and $198 million, respectively. Then on Tuesday, China’s State Council announced stricter data supervision, particularly pertaining to “cross-border data flow…and the information security of overseas-listed companies,” a sweeping statement that indicated Beijing’s intention to more tightly regulate Chinese companies seeking to raise capital on foreign exchanges.Ĭhina’s most popular fitness app, Keep, which operates under parent group Beijing Calories Technology, was eyeing a $500 million NYSE listing, but didn’t follow through on the debut that was supposed to take place this week, the FT reports. The two companies went public in the U.S. The CAC announced on Monday two more probes, into Full Truck Alliance, known as China’s “ Uber for trucks,” and job recruitment platform Boss Zhipin, citing similar issues. Last week, the Cyberspace Administration of China (CAC) announced an investigation into Didi over data and national security concerns, two days after the ride-hailing giant raised $4.4 billion in an IPO on the New York Stock Exchange (NYSE). LinkDoc’s delay was the first sign that Beijing’s clampdown on Chinese companies’ overseas listings is stalling the parade of firms readying IPOs in the U.S. The Beijing-based company pulled the listing because of Beijing’s regulatory crackdown, says Reuters. ![]() pipeline among firms that had already filed to list, according to Refinitiv data. It was the second-largest Chinese IPO in the U.S. LinkDoc was expected to raise up to $211 million on the Nasdaq. Coronis and RCT have been the primary in investors in Varix.Medical data platform LinkDoc Technology shelved its IPO plans on Thursday, becoming the first company to axe its debut after China announced stricter supervision on overseas listings, Bloomberg reports. RCT and Coronis Medical Ventures LLC., formed Varix in August 2007 and acquired the technology under license from Tsunami MedTech LLC. The Varix platform employs a vapor-based endovenous ablation system that will consist of a disposable catheter, a catheter introducer or delivery system, and a reusable vapor generator. Additional treatable vessels include tortuous sub-truncal vessels and other visible smaller varicose veins. Varix Medical's platform technology will enable physicians to efficiently and effectively treat more types of diseased veins than is currently possible when using either laser or RF devices. Varix Medical Corporation, located in Sunnyvale, Calif., is a medical device company focused on developing products for the minimally invasive treatment of chronic venous insufficiency, commonly referred to as "varicose veins." For patients with advanced stages of varicose veins, laser- and RF-based (radiofrequency) treatments have been developed, but each device has deficiencies making them less-than-optimal solutions.
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