Chinese e-commerce platform Global Market Group officially withdraws $13 million IPO

Global Market Group Limited, which operates a B2B e-commerce platform for Chinese manufacturers, officially withdrew its plans for an initial public offering on Tuesday. It last filed in 2011, when it had set terms to raise $13 million after it originally planned to raise $132 million.

Last year's two US IPOs of Chinese e-commerce companies, Baozun (BZUN) and WoWo (WOWO), are down 33% and 58%, respectively, from their IPO prices.

The Guangzhou, China-based company was founded in 2000 and booked $27 million in sales for the 12 months ended December 31, 2010. It had planned to list on the Nasdaq under the symbol GMC. Roth Capital was set to be the sole bookrunner on the deal.