AdChina, which operates an internet advertising platform in China, withdrew its plans for an initial public offering on Monday citing poor market conditions. The company originally filed for its IPO in February 2012. The Shanghai, China-based company was founded in 2007 and booked $51 million in sales for the 12 months ended 12/31/2011. Goldman Sachs (Asia) and Credit Suisse were set to be the joint bookrunners on the deal.