The music streaming business of the Chinese gaming giant NetEase dubbed as Cloud Village Inc., is postponing the launch of a Hong Kong Initial Public Offering that was set to raise about $1 billion according to The Verge’s sources.

Cloud Village tested demand for its offering last week, but is not going ahead with taking investor orders, it intends to wait for better market conditions, the sources said.

At an expected size of about $ 1 billion, Cloud Village’s IPO would become one of the biggest potential first-time share sales in Hong Kong by a technology company within this year.