(Yicai Global) May 7 -- Hujiang Education & Technology, one of China's largest online education firms, has postponed its initial public offering plans to wait for a more suitable timing on the Hong Kong market. 

Hujiang has adjusted its listing plans after considering the market environment and its future development and it will list on the right board at the right time, Sina Finance reported, citing the Shanghai-based firm. The company will inform the public as soon as that time arrives, it added. 

Hong Kong stocks had the worst performance in seven years in 2018, which may have prompted Hujiang to back up. The firm filed a listing application with the Hong Kong Exchanges and Clearing last July, passed listing hearing in November and submitted a prospectus in December, the HXEX reported. The firm's application will be terminated today, following the bourse's rules of a six-month listing window. 

The company's net losses rose to CNY863 million (USD127.3 million) in the first eight months of last year. It logged a net loss of CNY537 million in 2017. Hujiang laid off over one-half of its employees this year, reducing its headcount down to around 1,000 in March, online media 36Kr reported then, citing an insider in the firm.

Editor: Emmi Laine