Jiangsu World Drops $820 Million IPO Amid Regulators’ Doubts

Jiangsu World Agricultural Machinery Co. Ltd. dropped its plan to sell shares in one of the largest initial public offerings on Shenzhen’s Nasdaq-like ChiNext Board following a pause of more than a year to try to satisfy regulators.

Jiangsu World’s IPO application was terminated Wednesday, according to the website of the Shenzhen Stock Exchange. Regulators halted their review of Jiangsu World’s application after the company’s sponsor, Haitong Securities, withdrew the application, the China Securities Regulatory Commission (CSRC) said in a statement.