July 12 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
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.