Goldman Sachs, Morgan Stanley and JPMorgan are at the top of the league table for deal volume, according to the data. Investment banking fees from Chinese offerings were worth $485.8 million so far in 2021, Refinitiv data shows. Wall Street banks, which have benefited from Chinese firms' rush to list in New York in recent years, are also expected to take a hit on their fee income in the near-term, according to bakers. LinkDoc did not immediately respond to a request for comment. There has been no change to that time table yet, according to two sources with direct knowledge. IPO and is due to price its shares after the U.S.
LinkDoc Technology Ltd, which is described as a Chinese medical data solutions provider, is currently raising up to $211 million in a U.S. While the latest crackdown has dimmed the outlook for large Chinese IPOs in New York, not all companies are rushing to pull their ongoing offerings just yet. securities regulator in March began rolling out new regulations that could see Chinese companies delisted if they do not comply with U.S. "It's a clear signal that the Chinese government is not particularly happy that these firms continue to decide to raise capital in the west," said Jordan Schneider, a technology analyst at research firm Rhodium Group.
LINKDOC TECHNOLOGY IPO FULL
The CAC also announced probes into Kanzhun Ltd's online recruiting app Zhipin and truck hailing company Full Truck Alliance. since e-commerce giant Alibaba Group raised $25 billion in 2014.įor investors, the euphoria was shortlived, with Didi's shares diving 27% since its debut on June 30. It was the largest Chinese IPO in the U.S. The broader regulatory clampdown and Didi's listing dustup drove the S&P/BNY Mellon China Select ADR Index, which tracks the American depositary receipts of major U.S.-listed Chinese companies, down 3.4% on Tuesday.Ĭatching many investors, and Didi, off-guard, the Cyberspace Administration of China (CAC) on Sunday ordered the ride-hailing firm to remove its apps from app stores in China for illegally collecting users' personal data, less than a week after it made its debut on the New York Stock Exchange following its $4.4 billion initial public offering. "Overseas-listed Chinese companies may have had the mistaken impression that it can ignore Chinese regulators just because they are not listed in China," Lau, whose company holds Chinese stocks, told Reuters. "The message is that for a successful overseas listing, Chinese regulators must be involved, as well as international cooperation with overseas regulatory bodies," said Louis Lau, California-based Brandes Investment Partners' director of investments. capital markets have been a lucrative source of funding for Chinese firms in the past decade, especially for technology companies looking to benchmark their valuations against listed peers there and tap an abundant liquidity pool.Ī record $12.5 billion has been raised so far in 2021 in 34 offerings from listings of Chinese firms in the U.S., Refinitiv data shows, well up from the $1.9 billion worth of new listings in 14 deals in the year-ago period.Īnalysts say China's moves to look more closely at firms venturing overseas add a new layer of uncertainty for firms already struggling to navigate escalating tensions between Beijing and Washington over a broad range of issues. ".The stakes are extraordinarily high, for both the tech companies and for China as a country." market is off limits, at least for now," said Hu, whose private equity firm's portfolio include a number of tech companies that have gone public overseas. will have to pause, or even abandon the plans altogether, in the face of mounting uncertainties and confusions," said Fred Hu, chairman of Primavera Capital Group. "It suffices to say those Chinese companies already planning to list in the U.S.
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