On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
77° Feels Like: 78°
Wind: NNW 7 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Sunny 79°

Tonight

Clear 48°

Tomorrow

Mostly Sunny 80°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

Chinese online company Cloudary withdraws $200 mln U.S. IPO

(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 .

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)

Comments