China has refused to let the PCAOB examine audits of its firms, citing national security concerns. Public Company Accounting Oversight Board, a quasi-governmental body created by Congress two decades ago to improve the integrity of audits. Securities and Exchange Commission to carry out that law require that audits done for Chinese companies be made available for inspection by the U.S. Under a law signed by President Donald Trump a month before he left office, Chinese companies may face delisting starting in 2024 if they refuse to show financial information to American regulators. IPO endeavors as Beijing intensified its policing of technology platforms in China. LinkDoc’s decision to suspend its US211-million IPO, first reported by Reuters, is likely to be followed by others, analysts said, although they said U.S. said it would withdraw from the New York exchange, a stunning reversal as it yielded to demands from Chinese regulators. The news of LinkDoc ran parallel to the decision by Keep to pull its 500 million U.S. The Alibaba-backed medical-data firm, which filed for its IPO in June, was set to price its. It had filed to raise 200 million by offering 10.8 million shares at a price range of 17.50 to 19.50. LinkDoc has suspended plans for a US IPO, the first to do so after Beijing's crackdown, Reuters reported. Sources told Reuters that the decision to shelve plans of its US IPO was due to pressure from Beijing. On Thursday, China’s crackdown claimed LinkDoc Technology as its latest victim. The company had been expected to price its IPO on Thursday night. China’s biggest internet firms have lost a combined 823bn in market value since February according to a Bloomberg report. All this has changed due to actions by both countries. JLinkDoc Technology, a Chinese healthcare data company specializing in oncology patients, postponed its IPO on Thursday. The money flow was profitable for company founders, bankers, early investors and new shareholders. stock market to tap deep-pocketed investors, raising more than $100 billion in first-time share sales over the past two decades. Last month, Reuters reported that China was framing rules to ban internet companies whose data poses potential security risks from listing outside the country. The company did not immediately respond to requests for comment.tour Lifestyle Holdings, a Chinese lifestyle brand and hotel operator under the Yaduo brand. Medical data platform LinkDoc Technology shelved its IPO plans on Thursday, becoming the first company to axe its debut after China announced stricter supervision on overseas listings, Bloomberg. Chinese companies in need of capital have long headed to the U.S.
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