Haitong delays its $1.7b offering in HK

The firm will relaunch the IPO in the first quarter of next year

HONG KONG - Haitong Securities Co Ltd, China's No 2 brokerage by assets, has pulled its up to $1.7 billion Hong Kong stock offering because of poor market conditions, sources said on Monday. The news is the latest blow for new listings in Asia's once booming IPO center.

The company was set to price the offering on Monday after last week's market roil delayed the pricing on Friday. Instead, the company decided not to pursue the offer and will relaunch it in the first quarter of next year, depending on market conditions, according to two of the three sources who confirmed the decision to Reuters.