China Postal Express & Logistics Co. Ltd. said on Saturday that it has withdrawn its initial public offering (IPO) application due to strategic reasons, Xinhua news agency reported Sunday. The move was undertaken with the consent of the China Securities Regulatory Commission, it said. The regulator had in 2012 approved the IPO plan of the Beijing-based logistics company, which is a unit of the state-owned China Post Group. China Postal Express & Logistics now says it will consider entering the capital market when the time is ripe, Xinhua noted.
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