Search engine and AI giant Baidu is reportedly in talks with investors to raise up to $2 billion over three years to establish a stand-alone biotech company. JD Health, the healthcare unit of Chinese retail giant JD.com, launched a $3.5 billion float in December, marking the largest IPO in Hong Kong last year. Earlier this year, Alibaba Health, the company’s Hong Kong-listed healthcare division with a market cap of more than HK$241 billion ($31 billion), invested in LinkDoc in an effort to jointly build a full-disease cycle service platform for cancer patients, according to a China Daily report.Ĭhina’s technology behemoths have stepped up their efforts to venture into the internet-based healthcare industry since the COVID-19 pandemic boosted demand for online and contactless medical services.
SOURCES DIDI CHINABASED LINKDOC US SERIES
Last September, the healthcare AI unicorn raised $700 million yuan ($109.3 million) in a Series D+ round of financing led by China Capital Investment Group, China Broadband Capital, and Youshan Capital, to develop new antitumor drugs. Around 25% will be used to pursue potential strategic investments and acquisitions, and another 15% will be used for general corporate purposes. The startup also said that about 15% of the IPO proceeds will be allocated to expand its patient care center network and service offerings. In its filing, LinkDoc Technology stated it will dedicate 45% of the funds raised in the IPO to strengthen its research and development capacities, improve its technology infrastructure, and recruit more oncologists and data scientists.
It operates the country’s largest data-driven digital infrastructure for precision medicine, according to consulting firm Frost & Sullivan, which 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. As of March 31, the company treated a total of 2.5 million patients, and collaborated with more than 330 hospitals and 39,000 registered physicians.įounded in 2014, the Beijing-based startup serves China’s medical institutions and pharmaceutical companies by providing cancer-focused healthcare services built on big data and artificial intelligence (AI). In the first three months of the year, the firm reported a 41% increase in revenue year-on-year, while net losses widened to 20.7 million yuan ($21.17 million) from 61.6 million yuan ($9.62 million) a year earlier. However, Bloomberg previously reported that the company could raise around $500 million through the IPO, citing unnamed sources.Īccording to its prospectus, LinkDoc Technology’s revenue for 2020 reached $1.07 billion.
SOURCES DIDI CHINABASED LINKDOC US REGISTRATION
The company did not disclose a specific value for its offering but listed it in the filing as $100 million, a placeholder figure typically used to calculate registration fees.
Chinese medical data company LinkDoc Technology filed paperwork on Monday to list shares in the US, as China’s digital healthcare industry continues to grow in the wake of the coronavirus pandemic.
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