Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Weilong Delicious / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (9985 HK)</a>, a spicy snack food company in China, raised around US$130m in its Hong Kong IPO in Dec 2022.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Weilong Delicious Global (9985 HK), a spicy snack food company in China, raised around US$130m in its Hong Kong IPO in Dec 2022.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories
In this note, we will talk about the lock-up dynamics and updates since our last note.


Weilong Delicious Global IPO Lock-Up - Now for the Re-IPO with 10x Increase in Free Float

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (9985 HK)</a> has priced its IPO at HK$10.56 per share, slightly above the bottom of the IPO price range of HK$10.4-11.4 per share.</li>
<li>The company's HK offering was oversubscribed by 10.53x while the international offering was oversubscribed by 2.6x.</li>
<li>Even at the above price, Weilong’s IPO is still at a significant premium to domestic as well as international peers.</li>
</ul>



Weilong Delicious Global (9985 HK) has priced its IPO at HK$10.56 per share, slightly above the bottom of the IPO price range of HK$10.4-11.4 per share.
The company's HK offering was oversubscribed by 10.53x while the international offering was oversubscribed by 2.6x.
Even at the above price, Weilong’s IPO is still at a significant premium to domestic as well as international peers.


Weilong Delicious IPO: Thoughts on First Day Trading

<ul>
<li>Weilong Delicious has downsized its IPO to raise around HK$942m (US$121.3m). The company also has the flexibility to set its IPO price at a 10% discount to the bottom.</li>
<li>The company’s top line growth has slowed down in 1H2022 and margins have been under pressure with increased S&amp;M spending to further penetrate into online channels.</li>
<li>Weilong’s IPO is priced at a significant premium to domestic as well as multinational peers which do not justify the growth prospects.</li>
</ul>


Weilong Delicious has downsized its IPO to raise around HK$942m (US$121.3m). The company also has the flexibility to set its IPO price at a 10% discount to the bottom.
The company’s top line growth has slowed down in 1H2022 and margins have been under pressure with increased S&amp;M spending to further penetrate into online channels.
Weilong’s IPO is priced at a significant premium to domestic as well as multinational peers which do not justify the growth prospects.


Weilong Delicious IPO: Peer Comparison and Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a>, a leading spicy snack food company in China, has launched its IPO to raise up to US$141 million. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-remains-in-a-pickle" target="_blank" data-smartkarma-citation="insights:84959" rel="noopener">Weilong Delicious IPO: Remains in a Pickle</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-in-a-pickle" target="_blank" data-smartkarma-citation="insights:72098" rel="noopener">Weilong Delicious IPO: In a Pickle</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-mixed-update" target="_blank" data-smartkarma-citation="insights:61217" rel="noopener">Weilong Delicious IPO: Mixed Update</a>, <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-initiation-tasty-bite" target="_blank" data-smartkarma-citation="insights:60830" rel="noopener">Weilong Delicious IPO Initiation: Tasty Bite</a>. </li>
<li>In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.</li>
</ul>



Weilong Delicious Global (WDG HK), a leading spicy snack food company in China, has launched its IPO to raise up to US$141 million. 
We previously discussed the IPO in Weilong Delicious IPO: Remains in a Pickle, Weilong Delicious IPO: In a Pickle, Weilong Delicious IPO: Mixed Update, Weilong Delicious IPO Initiation: Tasty Bite. 
In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.


Weilong Delicious IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a>  a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>We have covered various aspects of the deal in our previous notes, in this note, we will talk about  the final valuations.</li>
</ul>



Weilong Delicious Global (WDG HK)  a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.
We have covered various aspects of the deal in our previous notes, in this note, we will talk about  the final valuations.


Weilong Delicious Global IPO - Tepid Recent Performance Still Makes It Look Expensive

China

Dali Foods Group is a leading Chinese multinational food and beverage manufacturing company. It specializes in a wide range of consumer products including biscuits, breads, cakes, pastries, chips, and ready-to-drink beverages such as soy milk, energy drinks, and herbal teas. The company was founded in 1989 and is headquartered in Hui'an County, Quanzhou, Fujian, China.

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Dali Foods Group (05M GR)

Weilong Delicious Global IPO Lock-Up - Now for the Re-IPO with 10x Increase in Free Float

Weilong Delicious Global (9985 HK), a spicy snack food company in China, raised around US$130m in its Hong Kong IPO in Dec 2022. In this note, we...

Sumeet Singh

Weilong Delicious IPO: Thoughts on First Day Trading

Weilong has set its final IPO price at HK$10.56 per share , which is close to the bottom end of the IPO price range. Still the company's IPO is...

Shifara Samsudeen, FCMA, CGMA

Weilong Delicious IPO: Peer Comparison and Valuation

Weilong's IPO is now downsized to US$121.3m from US$500m earlier. The company's IPO is priced at a huge premium to domestic as well as...

Shifara Samsudeen, FCMA, CGMA

Weilong Delicious IPO: Valuation Insights

In this note, we present our forecasts and look at valuation. Weilong is unattractively valued at the IPO price range. We would pass on the IPO.

Arun George

Weilong Delicious Global IPO - Tepid Recent Performance Still Makes It Look Expensive

Weilong Delicious Global, a spicy snack food company in China, aims to raise around US$140m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

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