![]() The regulator has already kicked off a consultation process with leading local banks to work out how the review would be done, one said, adding that it will also seek feedback from global investment banks in the next few weeks. The CSRC, which had taken a softer attitude towards Chinese companies using the VIE structure, is now looking to run thorough checks, two of the people said. It gives firms more flexibility to raise capital offshore, while bypassing the scrutiny and lengthy IPO vetting process that locally-incorporated companies have to go through. It has been widely adopted by China's new economy companies, mainly internet firms, that are generally incorporated in the Cayman Islands and British Virgin Islands and therefore fall outside Beijing's legal jurisdiction. The VIE structure was created two decades ago to circumvent rules restricting foreign investment in sensitive industries such as media and telecommunications, enabling Chinese companies to raise funds overseas via offshore listings. The China Securities Regulatory Commission (CSRC) is establishing a team that will mainly sharpen its focus of companies seeking to list overseas using the so-called VIE structure, said three people with knowledge of the matter, who declined to be named because of the sensitivity of the change. In 2016, LinkDoc had closed $10 million in a Series B round of financing from a group of healthcare-focused capital firms namely Ally Bridge Group, CBC Capital, and US New Enterprise Associates (NEA).That announcement came after Chinese regulators launched a cybersecurity investigation into ride-hailing giant Didi Global Inc just days after its US stock market listing. “We expect to build sustainable partnerships with industries to expedite the digitalisation of the Chinese healthcare sector, facilitate commercialisation for severe diseases, and develop AI- and big data-oriented healthcare infrastructure,” it said in the statement. Its services are used in hospitals, clinics, pharmaceutical companies and government administrations, which include Chinese Medical Doctor Association, and China Society of Clinical Oncology, among others. ![]() The developer offers a repository of big data for the healthcare industry such as clinical trial, AI diagnosis and management. ![]() Since its inception in 2014, in Beijing, LinkDoc has engaged in cloud-based medical information systems and software. LinkDoc had completed a 1 billion yuan ($143 million) Series D round exclusively from state-owned China Investment Corporation in July 2018. ![]() With the latest round of funding, LinkDoc will continue to spruce up its big data service platforms and tools, the company said. The fresh round also witnessed participation from new investors namely CICC Capital, Youshan Capital and iFOF, a fund of funds of the private equity firm CBC Capital. State, Bringing Legal Test to Montana JD.com CEO Xu Lei to Resign After One Year in Top Job China’s Jaka Robotics Files for $108 Million IPO on STAR Market LinkedIn Shuts Down China Jobs App in Face of Headwinds Tesla Opens Some of Its China Charging Stations to Competing EV Models Alibaba Cloud Slashes Prices to Spur Revenue Growth Before Possible IPO In Depth: Tencent, ByteDance Gut Metaverse Units in Virtual Reality Check Tech Insider: China Telecom Giants Plan Deeper Dive Into the Cloud, STAR Market Boots Two Companies ByteDance’s Cloud Unit Lures AI Ventures With New Products Cover Story: Chinese Internet Giants, AI Startups Rush to Jump on ChatGPT BandwagonĬhina Investment Corporation-backed LinkDoc Technology (Beijing) Company Limited, a provider of medical data solutions and oncology big data services, has raised 700 million yuan ($102 million) in a Series D+ round from undisclosed existing investors, LinkDoc announced on WeChat on Monday. Targets China's Supercomputing, Aviation Industries in New Blacklist Chinese ChatGPT Rival Mobvoi Files for Hong Kong IPO Iflytek Stock Plunges After Chatbot Cries Foul China Approves Microsoft’s Acquisition of Activision Blizzard Samsung and SK Hynix May Benefit From China’s Micron Ban Meituan Debuts in Hong Kong With Food Delivery App KeeTa Prepare Now for the Impact of Artificial Intelligence, AI Pioneer Urges TikTok Banned in First U.S. LATEST Micron to Expand China Factory Despite Chip Ban Beijing Allows Advanced Assisted Driving in Inner City Chinese Online Grocer Missfresh Stock Tumbles on Nasdaq Delisting Risk U.S. ![]()
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