"Though many investors take B-share reforms as an opportunity, nobody knows exactly when the reform will start," said Cheng.

Li Jun, 45, a long-time B-share holder, shared Cheng's view. "Holding B shares is not a bad thing, but you have to be patient and wait until the reform really comes."

The B-share market is believed to have basically lost the functions of both raising and investing money due to its small market value only around 1 percent of the A-share value the suspension of new share issues, and its tiny trading volume of about 20,000 shares per day.

Fifteen years ago, when the first B shares started trading in Shanghai, they were deemed a financial tool to attract foreign capital. But the birth of H shares and the prosperity of the so-called red chips in the early 1990s was the beginning of the end for B shares, since both were able to raise foreign capital.

B shares suffered one blow after another. In particular, the large-scale expansion of H shares to strengthen their ability to finance foreign capital for big domestic companies, and the suspension of new share issues in July 2004.

The continuing downward trend saw B-share holders like Li shift their focus away from the B-share market toward A shares, which have finally taken off after four sluggish years entering a bullish era late last year.

The number of B-share companies that Li considers worthy of investment has shrunk from 10 to three two listed in Shenzhen and one in Shanghai.

"No matter what kind of B-share reform the government will start, I believe it will be good news for B-share investors," said Li.

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