Tencent-backed virtual playground Soulgate withdraws $185m US IPO plans

Soulgate Inc, the Chinese social networking app backed by Tencent Holdings Ltd, has filed to withdraw its plans to raise $185 million in an initial public offering (IPO) in the US.

The company, which had originally sought to offer 13.2 million American Depository Shares (ADS) at a price range of $13 to $15 apiece, did not provide a reason for the withdrawal and only said its decision was “consistent with the public interest and protection of investors”.

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