Chinese Lending Platform Pulls $80M Shearman-Led IPO

Law360 (August 14, 2019, 7:23 PM EDT) -- Chinese online lending platform Samoyed Holding pulled its planned $80 million Shearman & Sterling-led initial public offering on Wednesday citing “unfavorable market conditions.”

Shenzhen, China-based Samoyed Holding Ltd., which specifies in lending for credit card balance transfers, did not elaborate on specific conditions that led to the decision to withdraw. The company never established the amount of American depositary shares prior to pulling the offering.

Samoyed had planned to be listed on the New York Stock Exchange under the symbol SMY.

While Samoyed did not elaborate on its reasons for withdrawing, the company highlighted several risk factors in its September 2018 filing...

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