The Chinese market is just starting to wake up to this sector. It's a good one to watch.

We have seen an increase in postponements or cancels due to market conditions. That's now starting to become more commonplace than it was three months ago.

What the underwriters do is discount them off the current market [valuation], which entices institutional investors to come in and sop up all the stock.

It seems to be gathering steam, ... The IPO market can be healthy even if the broader market doesn't know where it's going.

If the big one sneezes, the smaller ones get pneumonia, ... It's too early to tell with Horizon, but don't look for too much right now. Based on current market conditions, I wouldn't look for any big pop.

The overall sector is being destroyed in the wake of Omnicom.