Zhongchi Chefu (AZI.US) withdraws IPO application, previously planned to raise $11 million.

AZI.US withdrew its IPO application on Wednesday. The company had recently planned to issue 2.5 million shares at a price range of $4 to $5 per share, raising $11 million. At the midpoint price, its market value would have reached $472 million. Founded in 2010, Zhongchi Vehicle Fu (AZI.US) is a high-tech company in China that entered the industrial Internet field early. Its 12-month revenue as of September 30, 2023 was $114 million. The company had previously planned to list on the Nasdaq. Tiger Brokers and Kingswood Capital Markets were the joint bookkeepers for this transaction.