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(Bloomberg) — Mobvista Inc.’s (1860.HK) attempt to sell its mobile advertising platform Mintegral has stalled as an agreement couldn’t be reached on price with suitors including Bain Capital, according to people familiar with the situation.

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Mobvista’s Mintegral business has also attracted preliminary interest from other firms including Affirma Capital and CDH Investments, the people said, asking not to be identified discussing private information. While work on a potential sale has slowed on valuation concerns, a transaction could still proceed as Bain might reconsider an offer, or other suitors may emerge, the people said.

Mobvista could also decide to keep the business and focus on growth and the boom in artificial intelligence, they said.

The company’s shares plunged 38% Thursday, the biggest daily loss on record. That dragged Mobvista’s market value to about HK8.9 billion ($1.2 billion).

Mobvista said in a stock exchange filing Thursday that it was still evaluating a potential disposal of Mintegral, as well as its marketing technology businesses. It also said it recognized that recent changes in US data privacy regulations may affect the businesses.

“No definitive or binding agreement has been entered into by the company and any potential buyers,” Mobvista said.

A representative for Bain declined to comment on Bloomberg’s report on the stalled talks. Affirma and CDH didn’t respond to requests seeking comment.

Bloomberg reported on Dec. 31 that Mobvista was exploring a sale of its Mintegral subsidiary after receiving interest from prospective buyers, including Bain.

Mobvista’s Hong Kong-listed shares had risen about 9% this year through Wednesday, building on last year’s 188% rally.

Mobvista was founded in 2013 by Duan Wei and Clement Cao. Its shareholders include Singapore state investor GIC Pte with a roughly 5% stake.

—With assistance from Alfred Liu.

(Updates with closing share price in fourth paragraph.)

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