China Holdings Acquisition Corp. (NYSE Amex: HOL) announced that it has withdrawn its pre-conditional voluntary $255 million cash offer (first announced on July 21, 2008) to acquire all the issued shares of publicly-traded Bright World Precision Machinery Limited.

Because Bright World’s profit after tax for the full year ended December 31, 2008 decreased by 11.3% to approximately RMB 127.9 million as compared to approximately RMB 144.3 million for the corresponding full year, the SPAC decided to withdraw its offer.

Read the release here