Economic news

Alibaba Health-backed LinkDoc files for U.S. IPO

(Reuters) - LinkDoc Technology Ltd, a medical data company backed by a subsidiary of Alibaba Health Information Technology Ltd, filed for an initial public offering in the United States on Monday.

The Beijing-based company, which offers cancer-focused healthcare services, reported a 41% jump in revenue for the three months ended March 31, according to the filing.

For the same period, net loss attributable to LinkDoc widened to 135.4 million renminbi ($21.17 million) from 61.6 million renminbi a year earlier.

The company’s listing plans come despite the U.S. introducing measures that could result in foreign companies being delisted from American stock exchanges within three years if they do not comply with the country’s auditing standards.

LinkDoc said it will use the proceeds from the offering to strengthen its research and development capacities and for investments and acquisitions, among others.

The company will list on the Nasdaq under the symbol “LDOC”, it said.

Alibaba Health is the healthcare flagship platform for the Alibaba Group Holding Ltd conglomerate.

Morgan Stanley, BofA Securities and CICC are the underwriters for the proposed IPO.

($1 = 6.3967 Chinese yuan renminbi)

Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri

Source: Reuters

To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree