QinHong International Group, which provides financing and factoring-related services for SMEs in China, withdrew its plans for an initial public offering on Wednesday. It had most recently planned to raise $16 million by offering 3.8 million shares at a price range of $4.00 to $4.50, where it would have commanded a $41 million market cap at the midpoint.
Because the company was expected to have a post-IPO market cap of less than $50 million, QinHong International Group will be excluded from Renaissance Capital's IPO stats.
The Chengdu, China-based company was founded in 2017 and booked $1 million in revenue for the 12 months ended June 30, 2023. It had planned to list on the Nasdaq under the symbol QHI. The Benchmark Company and Axiom Capital Management were set to be the joint bookrunners on the deal.
