China Carbon Neutral Development (HKG:1372) said it has terminated an agreement to issue new shares, according to a March 13 Hong Kong bourse filing.

Shares of the civil engineering company were down more than 2% in morning trade on Monday.

The company and subscriber, EcoRise Solutions, terminated their subscription agreement due to recent market volatility.

Under the plan, the investor had agreed to subscribe for 40 million new shares at HK$1.00 each, which would have raised HK$40 million for the company.