Smithfield parent WH Group has postponed its already reduced initial public offering on the Hong Kong Stock Exchange citing deteriorating market conditions.

“In light of deteriorating market conditions and recent excessive market volatility, the company, having consulted the joint sponsors, has decided that the global offering will not proceed at this time,” WH Group said in a statement.

Late last week the company announced it would reduce the size of the IPO from an initial estimated $5.3 billion to about $1.9 billion.

The IPO was scheduled for today