EMS withdraws IPO application

China Postal Express and Logistics Co Ltd, China's largest integrated express and logistics service provider by geographic coverage, also known as EMS, announced on Friday that it has withdrawn its IPO application.

To enhance competitiveness facing dramatic changes in the express delivery market, the firm has decided to fine-tune its original parent and subsidiaries structure to a more effective headquarters and branches management model, the firm said on Friday in a statement. The statement also said that the restructure might affect the firm's IPO process.

Founded in June 2010, EMS had filed an IPO application August 2011 and gotten approval from the China Securities Regulatory Commission in May 2012. But it did not get listed upon approval due to a sluggish equity market in 2012. EMS might try to enter the capital market after the restructuring is done, it said.