(Yicai Global) July 19 -- Chinese home renovation platform Tubatu.com is retracting its initial public offering application on the Shenzhen stock exchange’s Nasdaq-style ChiNext Board after getting cold feet on reconsidering the wider business environment.

Tubatu, which had been hoping to raise as much as CNY704 million (USD104 million), applied to withdraw its IPO application on July 11, the Shenzhen bourse said yesterday.

The withdrawal is based on a thorough consideration of the overall market environment and other factors, and the company may restart the listing plan when appropriate, cofounder Wang Guochun said on China’s Twitter-like social media platform Weibo.

Tubatu’s road to going public has not been smooth and the application at the Shenzhen bourse was halted three other times since it was submitted in June 2021, either due to financial data expiring or its underwriter being probed by the securities regulator. Each time the review was resumed, only for the firm to finally back out this month.

Other interior décor firms have had better luck in going public. Ezviz Network and Arrow Home were both given the greenlight last month. And upholstery company Derucci Healthy Sleep has recently successfully listed.

Tubatu logged an 18.7 percent slump in net profit from the year before to CNY70.3 million (USD10.4 million), according to its annual report. Earnings per share tumbled 18.7 percent over the period to CNY0.39 (USD0.06). But its assets swelled 10.7 percent to CNY753 million (USD111.7 million).

Set up in July 2008, the interior decoration company is owned by Wang Guobin who holds 49 percent equity.

Editors: Shi Yi, Kim Taylor