LaShou IPO watch: Chinese group buy site operator LaShou Group Inc. formally requested to withdraw its IPO registration statement. The company previously proposed to issue $100 million worth ADSs at most in the public offering.
After the Facebook IPO failure on May 18, the current U.S. IPO market is in the stage of doldrums, there are few companies submitting IPO registration statements.
Last November, LaShou postponed its IPO plan for “corporate development”. Over the recent years, there were few Chinese companies applying to go public in the United States, because the factors that accounting scandals and a slowdown in economic growth had resulted in frustration in the investor confidence. Vipshop Holdings Limited (VIPS) got listing on the New York Stock Exchange in March this year, becoming the first Chinese company which went public in the United States since August 2011, but VIPS share price is still below its IPO price after the listing. Also read more about the Vipshop IPO.
LaShou proposed to go public on the Nasdaq last November by offering ADSs for a price range of $13 to $15 per share.
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