Listing hopefuls continued to struggle yesterday, with Guangzhou developer R&F Properties' retail tranche receiving a lukewarm response and Global Flex Holding delaying its investor presentation. R&F Properties is hoping to tap the market for up to $2.21 billion, with 10 per cent of shares reserved for retail investors. 'Retail response to R&F Properties' offering is tepid,' a syndicate source said. 'We have yet to extend any margin financing. China Cosco's weak debut has affected investor appetite for new offerings.' R&F Properties is having better luck with its institutional tranche, according to a source. It is about 66 per cent covered and is expected to be fully covered. Both tranches close on Thursday ahead of a July 14 listing. R&F Properties' sponsors, Morgan Stanley and CSFB, declined comment. In a research note, ICEA Securities put R&F Properties' net asset value at $16.20 per share, representing a 34 per cent discount to NAV at the low end of its offer range of $10.70 to $12.03. Separately, printed circuit board manufacturer Global Flex cancelled an investor presentation yesterday. 'Global Flex's management is now in the United States for a roadshow and they could not manage to come back for yesterday's investor presentation,' said Alex Ko, vice-chairman at listing sponsor Goldbond Group. 'We will start the presentation as soon as possible and aim to list this month.' According to market sources, Global Flex will sell 312.5 million shares at an indicative price range of $1.20 to $1.80, raising up to $562.5 million. The retail tranche opens on July 12. The retail tranche for another listing candidate, Senyuan International Holdings, closed yesterday two times covered and its institutional tranche fully covered. Senyuan, which manufactures vacuum circuit breakers, is selling 76.25 million shares at $1.18 each for $89.97 million. Sponsored by Quam Capital and Altus Capital, the company debuts on Monday.