Shanda Cloudary to Withdraw IPO Application

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Cloudary, the largest online literature publishing platform in China, announced to withdraw IPO application documents upon requests from the U.S. SEC., for files haven’t been updated for more than a year (via Sina Finance).

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.