(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 SNDA.O.
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.
Reporting By Neha Dimri in Bangalore; Editing by Sreejiraj Eluvangal