TOM Online is to become the first Chinese dotcom company to withdraw from both the Hong Kong and NASDAQ stock exchanges.

Parent company TOM Group announced on Sunday that Tom Online will withdraw from the Hong Kong stock exchage on 9:30 am on Monday, and on sept.6 from the Nasdaq.

The last trading day for the online portal was Aug.27.

Early in March, the Tom group annouced its intention to privatize Tom Online by HK$1.52 per share, with the overall capital reaching 1.57 billion HKD.

Tom Group annouced on Aug.10 that the privatizing plan was approved by shareholders. TOM Group CEO Tong Mei Kuen said that the privatization is expected give the company more leeway to make long-term investment decisions. TOM Online showed a US$9.56 million net loss in the second quarter.

A Morgan Stanley analyst has said that privatization is the only way to make up the loss.