Wang Jianlin
Wang Jianlin (R) in AugustReuters

Dalian Wanda Commercial Properties will debut on the Hong Kong Stock Exchange on 23 December but the markets do not expect a blockbuster first appearance for what will be Asia's largest initial public offering (IPO) this year.

The looming flotation, of the firm that boasts China's largest commercial property portfolio, will see billionaire owner Wang Jianlin regain his title as China's richest man from Alibaba Group boss Jack Ma.

But one analyst has warned that the listing could struggle on its debut on Tuesday.

Jackson Wong, associate director at United Simsen Securities, told CNBC: "It's not going to have a blockbuster debut. They will manage to have a flat opening because of the size and valuation. They valued themselves at single-digit PEs [price-to-earnings ratios], cheaper than other property stocks in Hong Kong."

Wong added: "Property stocks are not hot in Hong Kong right now, so I don't expect a huge opening but it will be better than what most people think. Recent IPOs have had a 10%-20% drop from their debut price, so this could perform just ok tomorrow."

Fitch Ratings said in a 21 December note: "Dalian Wanda Commercial Properties recent IPO...will drive its leverage down, although the China-based developer will continue to have limited headroom at its current rating level.

"Since the beginning of 2014, Wanda's leverage has increased substantially as it embarked on an aggressive plan to develop six Wanda City projects. Leverage peaked at 10.8x at end-June 2014. Fitch estimates that the proceeds from this IPO will reduce Wanda's leverage to just under 7x and trim its net debt to slightly below CNY80bn by end-2014 from CNY101bn at end-June 2014."

Moody's said in a recent report: "We estimate that Dalian Wanda Commercial Properties' net debt/net capitalization ratio will decline to 38% to 42% at the end of 2014, from 44.5% at the end of June 2014.

"The IPO will also reduce the company's reliance on debt funding, thereby enhancing its interest coverage."

The property arm of Jianlin's Dalian Wanda Group raised $3.7bn (£2.4bn, €3bn) last week after selling 600 million shares at $6.19 each, priced at the higher end of expectations.

Earlier in the month, the property developer was compelled to cut the size of the offering by at least a third after investors balked at the high valuation. The firm had initially targeted to raise up to $6bn.