CDC Corp. withdraws U.S. initial public offering filing or CDC Software

CDC Corporation (Nasdaq:CHINA) announced ahead of the opening today it had withdrawn its filing for a U.S. initial public offering for CDC Software, a subsidiary of the Hong Kong-based company. CDC is a provider of software, online games and Internet services.

“The capital markets are clearly strained and we have to focus exclusively on improving core operating metrics, generating cash from operations, and preserving cash. We cannot be distracted from these important goals by the effort and expense required for an initial public offering,” said CEO Peter Yip in a statement.

In today’s pre-market trading, shares of CDC Corporation are mostly flat, up $0.02 to $2.68. During the past 52 weeks, shares have ranged from $2.24 to $9.66.

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