Chinese online company Cloudary withdraws $200 mln US IPO

July 12 Fri Jul 12, 2013 7:25am EDT

July 12 (Reuters) - China-based Cloudary Corp, which runs online libraries, said it would withdraw its initial public offering of up to $200 million of American Depository Shares, citing current market conditions.

Shares in the offering were being sold by the company and its parent Shanda Investment Holdings Ltd, a unit of internet media firm Shanda Interactive Entertainment Ltd.

Cloudary has six original literature websites and had about 66.9 million monthly visitors in the first quarter of 2012, a filing showed.

The company, which had filed for a U.S. listing in May 2011, had listed BofA Merrill Lynch and Goldman Sachs as underwriters to the offering.

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