Hilong Holdings, a Chinese oil equipment manufacturer, has decided to postpone its Hong Kong IPO of up to HK$1.48 billion ($190 million) due to difficult market conditions, IFR reported on Thursday.

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The company originally planned to sell 400 million shares at an indicative price range of HK$2.5 to $3.7 per share, representing a 2011 P/E of 8.8 to 13.0 times, according to IFR, a Thomson Reuters publication.

The deal was set to be priced on March 16, with Morgan Stanley and Standard Chartered as the joint bookrunners.