Group-buying firm withdraws US IPO
Updated: 2012-06-20 14:36
By Gao Yuan (chinadaily.com.cn)
China's group-buying company LaShou Group Inc on Tuesday withdrew its initial public offering plan from the US stock regulator amid market stagnation.
"The company has determined not to proceed at this time with the offering and sale of securities covered by the Registration Statements," said LaShou's request filed with the Securities and Exchange Commission, the US stock market watchdog.
The withdrawal was "consistent with the public interest and protection of investors", the company added. LaShou had delayed its IPO plan in November 2011 because of "corporate developments".
LaShou's decision came after Facebook Inc's awkward IPO performance in May, sina.com reported, adding that hardly any company had filed IPO request to the commission since the Facebook IPO.
Fewer Chinese companies are opting for US IPOs this year because of auditing scandals on Wall Street and a gloomy economic forecast, the report said.
The most recent Chinese US IPO dates back to March when, vipshop.com, a luxury discount website listed on the New York Stock Exchange. The company's price slumped by more than 15 percent on its first trading day.