Delivery firm cancels IPO
By He Wei in Shanghai | China Daily | Updated: 2013-12-31 07:43
China Postal Express and Logistics Co Ltd, the State-owned express courier company, has withdrawn its application to go public amid strong competition from domestic rivals in the 198 billion yuan ($32.7 billion) express delivery market.
The State-backed firm, known as EMS, cited "strategic adjustment" issues as the major reason behind the IPO pullout, according to a company statement.
The firm has decided to fine-tune its original parent-subsidiary structure to a more effective headquarters-branch management model, the statement said.
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