Health-tech pioneer LinkDoc withdrew its IPO offer in the US market in response to tightened Chinese guidelines on overseas listings following the debacle of ride-hailing giant Didi Global.
LinkDoc Technology recently withdrew its IPO application in the US market after a nine-month hiatus in the process.
On July 1, 2021, LinkDoc updated its IPO prospectus after first filing in June of the same year.
It was planned to raise $211 million. However, the trial was abandoned on July 9. LinkDoc is said to have shelved the plan due to tightened Chinese cybersecurity regulations for overseas-listed companies.
According to the latest prospectus, LinkDoc’s revenue increased from CNY4.99 billion in 2019 to CNY941.6 million (US$148 million) in 2020, an 89% year-on-year increase. In the first quarter of 2021, LinkDoc achieved sales of CNY 223 million, compared to CNY 159 million in the same period of 2020.
The prospectus also revealed that most of the revenue came from the sale of pharmaceuticals and healthcare products. About 75% and 85.5% of total revenue in 2019 and 2020 came from them, respectively. In the first quarter of 2021, they together accounted for 80.2% of total sales, down 6.8% from a year earlier
LinkDoc recorded an operating loss of CNY 408 million and CNY 250 million in 2019 and 2020, respectively. The corresponding net operating loss was CNY 434 million and CNY 488 million.
In the first quarter of 2021, the operating loss was CNY90.216 million, compared to CNY59.08 million in the same period of 2020. The corresponding net operating loss was CNY138 million in 2021, up 116% from CNY64.15 million. CNY in 2020.
From 2019 to 2020, the adjusted net loss decreased from CNY 389 million to CNY 232 million. However, the loss increased to 80 million CNY in the first quarter of 2021 from 56 million in 2020.
LinkDoc was the first unicorn in the medical AI and big data space to close six funding rounds, which have since been backed by leading medical industry investors including Alibaba Health Information Technology Ltd (0241:HK), Temasek and Lake Bleu Prime Healthcare Master Fund established in 2014 The last round of funding was in March 2021.
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