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Chinese social networking platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Momo" target="_blank">Momo</a>, listed on the Nasdaq, has said that a potential privatization plan has been scrapped after the group leading the offer withdrew.</article>

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Chinese social networking platform <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Momo" target="_blank">Momo</a>, listed on the Nasdaq, has said that a potential privatization plan has been scrapped after the group leading the offer withdrew.
The privatization group included Yan Tang, the company&#8217;s co-founder, chairman and chief executive officer and Alibaba Investment, a subsidiary of internet giant Alibaba Group. They were joined by Matrix Partners China II Hong Kong, Sequoia Capital China Investment Management, Rich Moon and Huatai Ruilian.
&#8220;With the privatization proposal from the Buyer Group behind us, we are more committed than ever to driving business growth in the interest of the Company and our shareholders,&#8221; Tang said in a statement.
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The buyout proposal was first made June 2015. Several Chinese firms have been de-listing from US bourses and then re-listing on Chinese exchanges.
Momo had launched an IPO on the Nasdaq in 2014. Shares this quarter have risen more than 50 per cent.
Morgan Stanley, one of the IPO underwriters, holds a 2.4 per cent stake in shares outstanding, making it one of the largest institutional investors in the firm. Alibaba holds about half a per cent shares.
Momo expects third quarter net revenue of between $125 million and $130 million. These figures are preliminary and subject to change.
&#8220;Live video is diversifying the social scenarios available on Momo. Leveraging these new social scenarios, we are seeing opportunities to target a new cohort of users and expand into new territories in social and the broader entertainment industry,&#8221; Tang said.
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Momo, listed on the Nasdaq, has said that a potential privatization plan has been scrapped after the group leading the offer withdrew.

Chinese networking app Momo's buyers withdraw privatization offer

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Chinese networking app Momo's buyers withdraw privatization offer

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