According to Zhitong Finance APP, last Friday, China’s stainless steel and carbon steel flange and parts manufacturer Luda Group (LUD.US) withdrew its initial public offering plan. The company recently applied to issue 2.5 million stocks at a price of 4 dollars per share, raising 10 million dollars.

Data shows that the group mainly operates two business lines: the manufacture and sale of stainless steel and carbon steel flanges and parts, etc.; it also conducts trading related to steel pipe products such as steel pipes and valves. The group's production base is located in Tai'an, China. The group’s sales network covers China and other regions in Asia, as well as South America, Australia, Europe, and North America, with its customer base including manufacturers and traders in the chemical, petrochemical, maritime, and manufacturing industries.

Data shows that Luda Group was founded in 2004, and the sales revenue for the 12 months ending December 31, 2023, was 51 million dollars. The company originally planned to list on the New York Stock Exchange with the stock code 'LUD'.