Dashan Education (HKG:9986) abandoned plans to sell shares to raise funds for the company, according to a Hong Kong bourse filing Thursday.

Shares of the after-school services provider fell nearly 4% in recent Friday trade.

The company said it was unable to fulfill the conditions necessary to issue the shares and may consider further fund-raising activities in the future.

The termination will have no material adverse impact on the business, according to Dashan Education.

The firm in June agreed to place up to 40 million shares at HK$1.23 apiece to raise maximum net proceeds of HK$48.7 million.