Qiniu, which provides a cloud services platform for media and data applications in China, withdrew its plans for an initial public offering on Wednesday. It originally filed in April 2021 with a proposed deal size of $100 million.
Qiniu's main platforms include its Media Platform-as-a-Service, which offers data collection, storage, distribution, interactive live streaming, and cloud based data analytics, and its Data Platform-as-a-Service, which equips clients in various industries with machine data collection, indexing, ingestion, analytics, and application.
The Shanghai, China-based company was founded in 2011 and booked $172 million in sales for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol QNIU. BofA Securities, UBS Investment Bank, Jefferies, Bocom International, Futu Securities, and Tiger Brokers were set to be the joint bookrunners on the deal.
