Alibaba Health-backed LinkDoc files for US IPO

[BENGALURU] LinkDoc Technology, 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 per cent 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 (S$28.1 million) from 61.6 million renminbi a year earlier.

The company's listing plans come despite the US 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 conglomerate.

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

REUTERS