SOURCES say property developer and securities investment company Shenzhen Vanke's $473.85 million B-share issue has been under-subscribed. Brokers say rumours about the issue may have contributed to market volatility over the past two days. The Credit Lyonnais Asia Shenzhen B Index clawed back 0.19 per cent yesterday to close the week at 1,161.07 after a near-seven per cent dive on Thursday. There was no official figure for the subscription level, but sources said the issue was between 50 and 60 per cent subscribed. Brokers blamed the timing, size and price for investors' cool response. Shenzhen Vanke, which has A shares listed in Shenzhen, offered 45 million B shares at $10.53 a share between April 6 and 17. One broker said the clash with the Easter Holiday might have contributed to the poor response. The offer, designed to raise $473.85 million before expenses, was the largest B-share issue this year. The smallest, by watchmaker Shenzhen FIYTA Holdings, was for $52.2 million, and even the second largest, by port operator China Merchants Shekou Port Service, was for just $161.5 million. Brokers also said the offer price, $10.53 a share, was too high. Recent Shenzhen B issues have been priced between $2.83 and $4.03. A spokesman for Standard Chartered Asia, the issue's international manager, said the issue's outcome would be announced in a Shenzhen paper next week. Sources said the exact subscription level would not be disclosed before the announcement. The sources said the announcement would say that any remaining shares would be bought by sub-underwriters. Shenzhen Vanke, a property development and securities investment company, is forecasting a leap in profits to 146.5 million yuan (about HK$198.7 million at official rates) this year, from 39.1 million yuan last year. Trading in Shenzhen Vanke shares is scheduled to start around May 30. The Shenzhen B Index fell by 6.99 per cent on Thursday as selling stirred the market, which had been becalmed since prices were switched to US dollars.