companies could find themselves cut off from investing in one the world’s top growth engines. Still, the costs of failing to reach some sort of deal are high: China risks losing access to deep capital markets abroad that can finance its push for technological superiority, while U.S. or China say they want economic decoupling, failure to come to terms on what data can safely be shared could suddenly turn any “smart device” into a security risk. lobbying other nations to prevent China from obtaining technology like advanced computer chips and Xi undertaking a national project to develop them, stringent data security controls risk further disrupting supply chains, balkanizing financial markets and forcing countries to pick sides. More broadly, the crackdown shows how big data is quickly turning into the next major battleground in a clash of superpowers, with implications that potentially could reshape the global economy for decades to come. That scrutiny awoke regulators in Beijing to the threat posed by private companies, prompting them to ban Didi from signing up new users days after it conducted the second-biggest American initial public offering for a Chinese company. last week came just as Xi is looking for ways to control the vast reams of data held by China’s tech giants, in part to ensure the Communist Party spreads the wealth beyond a small circle of billionaires. Yet six years later it clearly shows the risk that an outside party-and perhaps foreign spies-could glean valuable intelligence from Didi about some of the country’s most important officials.ĭidi’s listing in the U.S. Using playful charts, it showed that traffic at the Ministry of Public Security was among the busiest, while China’s anti-corruption agency was relatively quiet.Īt the time, it looked like an innocuous peek at the potential of Big Data to make the government more efficient. Screenshots circulated of a breezy state media report on a Didi study that revealed how bureaucrats used the company’s services on two sweltering July days in Beijing. Underwriting the deal is Morgan Stanley, BofA Securities, and CICC.(Bloomberg) - Shortly after Beijing’s shock cybersecurity probe into Didi Global Inc., Chinese social media users furiously passed around a 2015 story on the Uber-like app that showed what might be spooking President Xi Jinping. The company expects to float its American depositary shares on the Nasdaq Global Select Market under the symbol "LDOC." LinkDoc set $100 million as its IPO target the exact terms of the deal are yet to be announced. Another backer in LinkDoc is an affiliate of Singapore's Temasek Holdings. (HKEX: 0241), which held 8.4% in the company as of the date of the prospectus. LinkDoc counts among its investors Alibaba Health Information Technology Ltd. He had also founded Truststone, which provided pharmaceutical and medical institutions with hospital infosystems.
The seven-year-old platform is led by Tianze Zhang, who previously worked at Chinese tech conglomerates Tencent (HKEX: 0700 OTC: TCEHY) and Alibaba. The company said it intends to use the proceeds from the IPO to boost R&D, bring more oncologists, data scientists and other experienced professionals onboard, expand its patient care center network and service offerings, and pursue potential strategic investments and acquisitions. In the three months through March 2021, LinkDoc had $34.1 million in revenues on losses of $20.7 million. Net loss widened 12% to $72.6 million, according to the filing. In 2020, LinkDoc booked $143.7 million in revenues, up 89% year-over-year. As it said in the prospectus, filed Monday, this consists of "LinkCare, a digital continuous care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world evidence adoption." According to Frost & Sullivan, the company operates China's largest data-driven digital infrastructure for precision medicine. LinkDoc Technology Ltd., backed by the health unit of Alibaba Group (NYSE: BABA HKEX: 9988), has filed for an initial public offering in New York.īased in Beijing, LinkDoc is a healthcare technology company focusing on oncology.
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