UPDATE 1-China's LaShou Group withdraws IPO plans
June 19 |
June 19 (Reuters) - China's LaShou Group Inc filed with U.S. regulators on Tuesday to withdraw its up to $100 mln initial public offering of American depositary shares.
LaShou's withdrawal comes amid a muted U.S. IPO market, which has seen few listing applications following the botched Facebook Inc offering in May.
The Beijing-based company, which runs China's leading daily deals website Lashou.com, had in November delayed its initial public offering due to "corporate developments".
There has been a drought in Chinese companies applying for U.S. listings in recent years as accounting scandals and slow growth shake investor confidence.
Online discount site Vipshop Holdings, which became the first Chinese company to go public in the United States since August 2011, has yet to touch its IPO price since going public in March this year.
LaShou, which was planning to sell about 5.4 million ADSs in its IPO priced at $13-$15 each, had initially filed for a Nasdaq listing in October last year.
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