China-based digital media company Xunlei, backed by US-based media company International Data Group and US-based search engine Google, cancelled a planned $139.8m initial public offering in the US.
In its filing with US regulator the Securities and Exchange Commission, Xunlei said "In light of the current capital markets condition, the Company has determined not to proceed at this time with the offering."
Xunlei had filed to list in June, it then subsequently said in July it was postponing its float citing market condition.
IDG Technology Venture Investment III, a venture fund run by US-based media company International Data Group (IDG), has a 12.2% stake in Xunlei, while US-based search engine Google has a 2.8% holding.
The company is also backed by venture firms Vantage Point Global (27.5%), Morningside Technology Investments (24.6%), Ceyuan Funds (11.3%). Another shareholder is Aiden & Jasmine Limited (10.8%).