People familiar with the matter said that the launch of the initial public offering in Hong Kong has been pushed back due to market volatility.
If talks go well, the company may start taking orders as early as next week. The people said that it was going to hold off until September.
One of the people asked not to be identified because the information is private, said that the initial talks with prospective investors went well. It was decided that it would be difficult to start the offering this month given the market turmoil.
The company decided not to go ahead with the project in the last 24 hours, according to the people. The people said that details of the offering could still be changed. A representative wouldn't say anything.
Inflation concerns and the war in Ukraine have contributed to the swings in Hong Kong's IPO market. In the first six months of this year, companies have raised about $2.4 billion through IPOs, but only a fraction of the $26.2 billion raised during the same period in the previous year.
There are a few companies that are going ahead with their Hong Kong listings.
Hong Kong IPOs are seeing an upward tick as the semester ends.
The company filed for an IPO in Hong Kong in 2020. As Chinese regulators stepped up scrutiny of domestic firms flocking to US exchanges, it dropped plans to list in New York.
Goldman, Morgan, and China International Capital Corp. are joint sponsors of the Hong Kong offering.
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