Asia Online cancels plans to list on Nasdaq

Asia Online pulls plans for Nasdaq listing amid plunging tech stocks.
Asia Online, an internet and applications service provider has scotched plans to raise as much as $100 million on Nasdaq, following sharp declines in the stocks of comparable companies.

Hong Kong-based Asia Online provides internet access, web hosting, network integration and applications services to small and medium sized Asian companies seeking to expand their businesses online. Credit Suisse First Boston CSFB planned to handle the listing.

In light of market conditions in which comparable companies have shed up to 40% of their value since we filed, we reluctantly came to the conclusion that this was not the time to go forward, says Steven Foland, CSFB's head of technology banking. This is too...

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