Shenyang-based China Hanking has delayed a planned $254 million Hong Kong initial public offering, Reuters reports. The iron ore producer postponed the IPO to avoid having an underestimated valuation due to market volatility.

The company planned to sell 640 million shares at a price range of $0.31-$0.39 per share. BNP Paribas, BoCom International, Credit Suisse and Deutsche Bank were appointed as the bookrunners for the issue.

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