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Tencent-backed Soulgate withdraws $185m U.S. IPO

Provider of mobile social network app in China offers no reason for move

Soulgate allows users to create new identities as they share, explore and connect with others. It earns revenue from premium memberships, virtual gifts and voice chats. (Screenshot from Soul App webpage)

CEBU, Philippines -- A Chinese social networking app provider backed by Tencent Holdings has filed to withdraw its plans to raise $185 million in a U.S. initial public offering.

Soulgate had sought to offer 13.2 million American Depository Shares at $13 to $15 apiece. It did not provide a reason for the withdrawal, saying its decision was "consistent with the public interest and protection of investors."

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