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Now entering its eighth week on the US IPO calendar, Chinese mobile marketing company Loyalty Alliance Enterprise ( LAEC ) is still trying to raise $36 million by offering 5.1 million shares at a price range of $6 to $8. At the midpoint of the proposed range, Loyalty Alliance would command a market value of $105 million. The Hong Kong-based company, which provides mobile direct marketing and customer loyalty solutions in China, had originally planned to go public in August 2011 but postponed its offering due to market turmoil. It revived its plans at the end of April 2012, offering 5.1 million shares at $12 to $14, but has yet to successfully complete its IPO despite cutting its proposed price range.

Although the markets recovered slightly last week, Loyalty Alliance's offering still faces significant headwinds. The company, which booked just $29 million in sales over the last 12 months, relies on one customer, China Unicom, for 40% of its revenue. Investors have also been reluctant to buy into Chinese IPOs amid accounting scandals; the most recent Chinese IPO, Vipshop ( VIPS ), priced well below its range in March 2012 and has since traded down 13% from its IPO price.

Loyalty Alliance, which was founded in 2009, plans to list on the NASDAQ under the symbol LAEC. Macquarie Capital and Needham & Co. are the joint bookrunners on the deal.

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