Dongyue (HKG:0189) said its associate, Future Materials, withdrew its application for an initial public offering on Shanghai's STAR Market due to changes in its business development plans, according to a Tuesday Hong Kong bourse filing.
The Shanghai Stock Exchange has discontinued its review of the listing application, the company said.
Future Materials plans to consider submitting a new listing application at an appropriate time.
Dongyue Group said the withdrawal is not expected to have any adverse impact on its business operations or financial position.
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