LinkDoc’s US Listing In Jeopardy Following China's New Data Security Requirements
The US listing of Chinese artificial intelligence, medical records and patient management system company Linkdoc could be derailed, after China issued new data review requirements tightening the oversight of overseas listings of domestic companies.
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Both Nasdaq- and Hong Kong-listed shares in Chinese health-related companies have been free falling with heavy volumes, after foreign investors spooked by China's general crackdown on the tech sector rushed to exit. The two-day sell-off shows high uncertainty and investors' anxiety over the regulatory overreach but underlying fundamentals still seem strong.
Already priced domestically at a deep discount to counterpart PD-1s in the US, Beigene's tislelizumab could potentially get the first global approval for a China-originated drug in this class, as the immuno-oncology sector as a whole continues to come under pressure in China.