Timing isn’t right? Vietnamese tech unicorn VNG has withdrawn their initial public offering registration in the US. This is according to a statement dated January 19 filed to the US Securities and Exchange Commission. 

• The statement also said that they’ll file a new registration statement in the future.
• Around this time last year, VNG listed on UPCoM, a local exchange in Vietnam. 

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🤔 What happened?

VNG so far hasn’t given any comment regarding the matter. They’re also keeping hush-hush about the timeframe for a future registration.

• Reuters reported that a source close to the company said VNG could not meet some deadlines for the registration.

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⏪ Rewind

VNG’s IPO plans in the US have been in the works since 2017 when they signed an MOU with Nasdaq.

• But…things haven’t been super peachy. They postponed their plans for a US listing last September, citing volatile market conditions.
• They were seeking to raise $150M. 

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🎲 Who is VNG, anyway? 

Well, they’re one of the OGs in the Vietnamese tech ecosystem. 

Founded in 2004, their businesses include online games, payments, cloud services, and platforms, which include Vietnam’s most-used messaging app, Zalo.