Shenzhen Development Bank failed to win shareholder approval for a key share reform plan, a development that will curb fundraising activities and erect challenges to future expansion plans. The plan would have allowed investors holding non tradable shares to float their shares, The Standard reported.   China's securities regulator last year obliged all listed companies in China to make their shares fully tradable to end a practice whereby an average of two- thirds of their capital was held in nontradable form, often representing government ownership, the paper wrote.   Failure to push ahead with share reform is a major setback for Shenzhen Development Bank, whose business has been improving rapidly and is in need of capital to continue its growth, said The Standard.   Shenzhen Development Bank, the only domestic bank run by foreign investors, is controlled by US private- equity firm Newbridge Capital, which bought a 17.89 percent stake in the bank in late 2004.