ECM Weekly (6 Oct 2019) - Latitude Financial, Bytedance, Youdao, 36Kr, Ujjivan SFB

Q4 IPO sentiment in Hong Kong could ride the momentum from Budweiser Brewing Company APAC (1876 HK)'s strong performance. It is one of the few large Hong Kong IPOs that managed to pull off a steady performance post listing, joining the ranks of Hansoh Pharmaceutical (3692 HK) and Xiaomi Corp (1810 HK). Even Xiaomi's debut was a little shaky on the first day but managed to rally on the back of index inclusion.

• Budweiser APAC IPO Trading - Book Colour, Investor Feedback, Index Inclusion and Deal Dynamics

IPO pipeline in Hong Kong is looking busy with small to mid sized IPOs launching as banks go for the Q4 IPO rush. We are looking forward to the debut Topsports International (TOP HK) next week which was priced close to the bottom-end of its price range which Sumeet Singh found to be reasonable. AllHome (HOME PM) is debuting on the same date and also priced at towards the low-end.

• Topsports International IPO - Looks Reasonable Towards the Lower End
• AllHome IPO Valuation - Cutting It Close

Back in the U.S, Chinese companies were not fazed by news of Trump administration looking to limit flow of US capital to Chinese companies. Youdao (DAO US) and 36Kr Holdings (1753455D US) filed their prospectus with the SEC while QingKe, a platform for brokerage and listing service for apartment rentals, is looking to file its prospectus soon as well.

• Youdao, Inc (有道) Pre-IPO - Weak Conversion Rate Is a Worry
• 36Kr (36氪) IPO: A Specialized Media Company Struggling to Monetize

Back closer to home in Thailand, capital market activity is still going strong. There were reports that Bangkok Commercial Asset Management (BAM) has already started to meet investors overseas while Central Group's retail arm, Central Retail Corp, filed its prospectus (Thai).