ECM Weekly (23 Dec 2019) - Bank of Guizhou, Powerlong Commercial Management

Hong Kong Q4 IPOs had some hits and misses but, overall, still fared better than expected. JS Global Lifestyle (1691 HK) is climbed steadily higher to about 10% above IPO price despite its initial IPO delay whereas Renrui Human Resources (6919 HK) is trading some 17% above IPO price after a slow start. Larger IPOs have also done well such as Poly Property Development (6049 HK), riding on the back of the China's property management services tailwind.

There are just two more IPO debuts next week namely, Bank of Guizhou Co Ltd (6199 HK) (pricing close to bottom) and Powerlong Commercial Management Holdings (1741045D HK) (pricing close to top), before we wrap up for the year.

• Bank of Guizhou (贵州银行) IPO: Rich Valuation at Inflexion Point
• Powerlong Commercial Management Holdings IPO - Enough Reasons to Not Even Bother About Valuations

In Thailand another sizable IPO awaits after Bangkok Commercial Asset Management (BAM TB) debut. Siam Cement (SCC TB)'s packaging subsidiary SCG Packaging IPO just filed its prospectus with the SET and was said to be trying to raise about US$1bn to fund expansion via selling more than 1bn new shares.

India IPOs is also going to be busy for 2020 as more companies file with SEBI to IPO, including Home First Financials, Equitas SFB, Fincare SFB, UTI AMC.

Since IPO activity will slow as we head into the new year. We will be halting our weekly updates until January when things start to pick up again.

Here's wishing everyone merry Christmas and happy new year in advance!