A quick look at the post-float performance of newly listed companies confirms what we feel in our bones - it's bad. For a very brief time, Hong Kong IPOs looked set to take off. But this market always seems to find a way to let people down, and now investors are dealing with their losses and prospective issuers are grappling with weak sentiment. As the market winds down for the summer holidays, let's look at what lies ahead for the rest of the year by focusing on the two most prominent deals in the pipeline. These are the spin-off listing of New World Development's hotel assets and the relisting of e-commerce giant Alibaba. The timing of the New World spin-off listing of NW Hotel is sketchy. The deal was originally on track to price before the summer holidays. But it was pushed back by market weakness and the dismal after-market performance of Langham Hospitality Investments, which uses the same convoluted listing structure as NW Hotel. Langham fell 9.2 per cent on its first day. Moreover, the Hong Kong property market is looking soft. Shih Wing-ching, a co-founder of Centaline Property Agency, said last week he held a pessimistic outlook for Hong Kong and expressed his view with the sale of one-fifth of his personal property holdings. Things look more promising for the relisting of China's biggest online retailer, Alibaba. The initial public offering of Jack Ma Yun's flagship is poised to take place near the end of the year. Alibaba delisted from the Hong Kong exchange in August last year. Despite strong initial enthusiasm for the stock, Alibaba languished during its five years on the exchange. Investors might ask why the firm is relisting and whether they should get on-board. The answer to the first question is that Alibaba delisted so it could manage a buyout of Yahoo's 40 per cent stake in the firm. The answer to the second question is that Alibaba has an intriguing growth story. Apart from operating the world's biggest business-to-business marketplace Alibaba.com the firm is likely to put an eBay-like service that allows people to sell goods to each other (Taobao) and a portal for retailers to sell goods to consumers (Tmall) into the much-anticipated offering. Alibaba dominates the mainland e-commerce market, the world's fastest growing. However, investors will need to make sure they don't make the same mistake they made last time the firm listed - namely, pumping money into the deal without giving any thought to the firm's earnings or fundamentals. When Alibaba went public in late 2007, its share price jumped to more than 100 times earnings. The stock followed the Icarian arc of so many of its dotcom peers. It soared before slumping, and never regained the attention of investors. Now for take two. The firm is eyeing a valuation as high as US$200 billion, which would make it worth more than three times the market value of Facebook.