HONG KONG (AFP) -- Hong Kong ports-to-telecoms conglomerate Hutchison Whampoa has shelved plans to float its Italian 3G telecom company due to disappointing investor interest, a media report said Sunday.

It was the second time 3 Italia's public offering had been delayed following months of scrutiny by regulators and represents another blow to Hutchison tycoon Li Ka-shing's hopes for the third generation telecom technology.

The Sunday Morning Post said 3 Italia chairman Canning Fok had pulled the flotation plan because the company considered its valuation of 7 billion euros (8.3 billion US dollars) too low.

The company was hoping to raise 9 billion euros from its listing on the Milan bourse.

Instead, the report said a 10 percent slice of the company would be sold to willing investors.

Fok said he did not believe investors were not "educated" on the difference between 3G and other telecom platforms and was quoted as saying recent profit warnings on rival European telecoms firms had dented interest in the valuation.

The company had won approval from the Italian authorities for its proposed public offering on Wednesday.

Poor consumer take-up has meant Li has had trouble selling his expensive third-generation telecom technology. His Hong Kong company, 3, has proven costly to Hutchison's bottom line.