Tencent-backed Soulgate halts U.S. IPO plans after getting new funding options

Soulgate Inc, the Chinese social networking app backed by Tencent Holdings Ltd, has halted plans for its initial public offering in the United States, the company said on Wednesday.

The company, which was aiming for a valuation of up to $1.8 billion, said it scrapped its plans to list on the Nasdaq because it received other offers to raise capital.

“Due to alternative financing options made available to Soulgate, the company decided to halt the IPO,” a Soulgate spokesperson said.