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.