ECM Weekly (10 November 2018) - SoftBank, Tongcheng-Elong, Sinochem Energy, Bitmain, Frontage

Just as we thought that there will be an influx of IPOs starting this week, things have gotten off a shaky start with Tongcheng-Elong Holdings Ltd (1629482D CH) , which was supposed to launch its bookbuild, putting its IPO on hold to after Ctrip.Com International (Adr) (CTRP US) 's share price declined 19%. Daniel Hellberg and Ming LU covered the company's earnings results and the main takeaway that there will still be pressure on margins from competition and it does not bode well for Tongcheng's IPO.

There are also companies like Wanka Online (1669726D HK) which has already gotten approval that has yet to launch its IPO. Babytree Inc (BABYTRE HK), which we have been hearing that it will be seeking approval for the past two weeks, has yet to come onto the market.

Nevertheless, we continue to hear companies preparing for IPO. Idreamsky Technology (DSKY HK) and Sinochem Energy (1644249D HK) are said to be gauging demand while Softbank Group (9984 JP) mobile unit's IPO seems to be proceeding well with the company likely to be getting its approval on Monday.

Zhaogang.com (0941802D HK) is also aiming to launch its IPO by the end of the year. It had initially planned to launch a dual-class share structure in Hong Kong but has decided to revert to a regular IPO with same voting rights, according to Bloomberg's article.