Cloudary Corp stated that it would retract its initial public offering of American Depository Shares worth more than US$200 million. Cloudary was based in China that operated online libraries. According to the company, it would withdraw the IPO because of the present conditions of the market.
The shares that were offered were being sold by Cloudary and Shanda Investment Holdings Ltd., its parent company. Shanda Investment was a firm of Shanda Interactive Entertainment Ltd SNDA.O., an internet media corporation, operator of online games and a publisher of books. The company said that about 460 million registered accounts were made on their sites. It also had 1.2 million players at any time of the day. In 2004, the company was able to raise approximately US$151.8 million in Nasdaq stock exchange.
About six original literature websites were owned by Cloudary. The company reported roughly 66.9 million visitors per month in 2012's first quarter.
In May 2011, Cloudary filed for a US listing. It listed BofA Merrill Lynch and Goldman Sachs as underwriters to the IPO.
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