Jiangsu World Agricultural Machinery dropped its plan to sell shares in one of the largest initial public offerings on Shenzhen’s Nasdaq-like ChiNext Board following a pause of more than a year to try to satisfy regulators, reports Caixin. Jiangsu World’s IPO application was terminated Wednesday, according to the website of the Shenzhen Stock Exchange. Regulators halted their review of Jiangsu World’s application after the company’s sponsor, Haitong Securities, withdrew the application, the China Securities Regulatory Commission (CSRC) said in a statement.
The agriculture machinery maker filed the IPO with the CSRC in February 2022, aiming to raise RMB 6 billion ($820 million). That would have made it one of the largest listings on the ChiNext Board. However, regulators raised questions about revenue, inventories and dealerships.
Jiangsu World submitted its listing application with the Shenzhen exchange in December 2020. After two rounds of inquiries by the bourse regulator, the company filed its IPO with the CSRC. It usually takes 20 working days for the commission to clear a deal.