Sichuan Biokin Pharmaceutical (HKG:2615, SHA:688506) has decided to postpone its planned Hong Kong initial public offering, scheduled for Nov. 17, citing prevailing market conditions, according to a Wednesday bourse filing.

The Chinese integrated pharmaceutical firm said it will not proceed with the offering as outlined in its November 7 prospectus, and the international and Hong Kong underwriting agreements will not take effect.

Application monies for the Hong Kong public offering will be refunded in full without interest starting November 17, the filing said.

Biokin added that the postponement does not affect its current operations while reassessing a new timetable.

The firm launched its listing last week, aiming to raise up to HK$3.36 billion from the offering.