June 14 (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”,
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