H-share candidate Wenzhou Infrastructure will have to delay its planned listing until the second half of the year due to poor investor sentiment towards the mainland, according to sources. The company, among the fifth batch of mainland enterprises allowed to list abroad, originally planned to raise up to US$200 million from a share issue in the first half, a source said. Hong Kong's first three initial public offerings of the year have all fallen through. All were mainland or mainland-linked companies: H-share candidates Heilongjiang Agriculture and Shandong International Power Development, and Hong Kong-based Zhujiang Steel Pipe, which has mainland operations. Alex Ko Po-ming, managing director of Wenzhou Infrastructure's issue sponsor, BNP Prime Peregrine, said the company's listing timetable had not been decided. He did not expect any initial public offerings of more than $100 million in the first half amid the prevailing market climate. Market sentiment had been dampened by the Brazilian financial crisis and trading volume had been thin. Concerns over the bankruptcy of Guangdong International Trust and Investment Corp, the restructuring of Guangdong Enterprises (Holdings), profit warnings by a number of H shares and the uncertain economic outlook for the mainland had made investors more wary of investing in red chips and H shares. 'The market is not coming back yet,' Mr Ko said. He said investor appetite would return in the second half at the earliest. Wenzhou Infrastructure's assets include Wenzhou Bridge, an airport expressway and a water supply operation - considered defensive plays in a bear market. Another H-share candidate, Shanghai Municipal Electric Power, was said to have been closely watching Shandong International Power Development's offering for clues on its planned first-half launch. However, Johnny Chan Kok-chung, managing director of equity capital markets at co-sponsor Bear Stearns Asia, said the company's plans had been unaffected by the failures of previous H-share listings. 'We are definitely not going after them anytime soon. The company is not yet ready for listing in the first half,' he said. The company was still in discussion with local and central power bureaus on exploring new forms of tariff structures that would conform with Beijing's policy prohibiting the provision of guarantees on returns, he said.