Tencent Music Entertainment Group is postponing its planned initial public offering due to the recent sell-off in global markets, people familiar with the offering told The Wall Street Journal.

According to the sources, the music arm of Chinese tech giant Tencent Holdings Ltd. met with its underwriting team this week to determine the price that the company would set for the IPO, but decided to push back the debut and wait for several weeks instead.

The company is reportedly worried that the market turmoil could affect the IPO pricing.

The sources added that Tencent Music was initially scheduled to launch its roadshow next week and start trading the following week, but has now decided to wait until at least November.

Tencent Music filed for an IPO of up to US$1.00 billion of its class A ordinary shares earlier this month.