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LinkDoc Technology recently withdrew its IPO application in the US market after a nine-month halt to the process. 

On July 1, 2021, LinkDoc updated its IPO prospectus after it was first filed in June of the same year. 

It planned to raise USD211 million. However, it called off the process on July 9. It is said that LinkDoc shelved the plan due to toughened Chinese cybersecurity regulations on overseas-listed companies. 

According to its latest prospectus, LinkDoc’s revenue rose to CNY 941.6 million (USD 148 million) in 2020 from CNY 4.99 billion in 2019, up 89% year on year. In the first quarter of 2021, LinkDoc generated CNY 223 million in revenue, compared to CNY 159 million in the same period in 2020. 

The prospectus also showed that most of the earnings came from the sales of medicines and health care products. About 75% and 85.5% of the total revenue in 2019 and 2020 was from them. In the first quarter of 2021, they took a combined 80.2% of the total revenue, 6.8% lower than a year earlier 

LinkDoc recorded an operating loss of CNY 408 million and CNY 250 million in 2019 and 2020 respectively. The corresponding net operating loss was CNY 434 million and CNY 488 million. 

In the first quarter of 2021, the operating loss was CNY 90.216 million compared with CNY 59.08 million during the same period in 2020. The corresponding net operating loss was CNY 138 million in 2021, an increase of 116% from CNY 64.15 million in 2020. 

From 2019 to 2020, the adjusted net loss narrowed to CNY 232 million from CNY 389 million. However, the loss widened in the first quarter of 2021 to CNY 80 million from 56 million in 2020. 

LinkDoc, as the first unicorn in the area of medical AI and big data, has finalized six rounds of financing backed by leading medical industry investors including Alibaba Health Information Technology Ltd (0241: HK), Temasek, and Lake Bleu Prime Healthcare Master Fund since its establishment in 2014. The latest financing round was in March 2021.