Comment on Shanda Cloudary to Withdraw IPO Application by Digital Publisher ChineseAll Files for IPO - TechNode

['Tracey Xiang', 'More Tracey Xiang', '.Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow', 'Class', 'Wp-Block-Co-Authors-Plus', 'Display Inline', '.Wp-Block-Co-Authors-Plus-Avatar', 'Where Img', 'Height Auto Max-Width', 'Vertical-Align Bottom .Wp-Block-Co-Authors-Plus-Coauthors.Is-Layout-Flow .Wp-Block-Co-Authors-Plus-Avatar'] Comments for TechNode 2013-07-15 00:00:00

Cloudary, the largest online literature publishing platform in China, announced to withdraw IPO application documents upon requests from the U.S. The online literature business of Shanda filed with the SEC in May 2011 to raise up to $200 million on the NYSE. The application documents were updated once in May 2012. Citing capital market downturn, Cloudary didn’t think the time was right to go IPO. Cloudary later raised two rounds of funding, $15 million from Orbis and, most recently, $110 million from Goldman Sachs and Temasek.