A HUNAN steelmaker is to delay launching its B-share offer on the Shenzhen Stock Exchange due to the weakened market which took its toll on Shenzhen Nanshan Power Station. B shares of the power-plant operator began trading on Monday with only two trades recorded, and with its price falling below the HK$3.95 issue price yesterday to $3.90 at the close. The plight of Nanshan Power contributed to postponement of the B-share flotation by Lianyuan Iron and Steel Co (Liangang), said Victor Chan, a director at Standard Chartered Asia. The British brokerage is the issue's international co-ordinator, while Beijing-based China Securities is the lead manager. Liangang, which produces ribbed reinforced bars, steel billets and steel sections, had planned to launch the share-offer early next month. Mr Chan said: 'We are ready to launch the share-offer, and we would have launched the offer, if it were not for the downturn of the stock market.' China's B-share markets have been plagued by the plummeting world equities market, and Hong Kong in particular, following the raise of interest rate in the United States. B shares are meant for foreign investors and are traded in foreign currencies. Mr Chan said he expected the issue to be launched early next year at a better time. Analysts welcomed the move. Bankers Trust Asia Research vice-president Lily Wu said: 'No one wants to list when market sentiment is bad.' Ms Wu said it was unrealistic to pin high hopes on the strength of one company in lifting the entire Shenzhen stock market. Shenzhen needed more companies, particularly infrastructure companies, before it could regain investors confidence, she said.