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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a> disclosed a scheme privatisation offer from the founder at HK$3.75 per share, a 37.9% premium to the undisturbed price (HK$2.72 on 20 June).</li>
<li>Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. </li>
<li>The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal. </li>
</ul>



Dali Foods Group (3799 HK) disclosed a scheme privatisation offer from the founder at HK$3.75 per share, a 37.9% premium to the undisturbed price (HK$2.72 on 20 June).
Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal. 


Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards </a> raised around US$117m in its India IPO in Dec 2022.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sula Vineyards  raised around US$117m in its India IPO in Dec 2022.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

<ul>
<li>Sula Vineyards raised around US$117m in its India IPO, although demand wasn't all that great.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we will talk about demand and trading dynamics.</li>
</ul>


Sula Vineyards raised around US$117m in its India IPO, although demand wasn't all that great.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
We have looked at various aspects of the deal in our previous notes. In this note, we will talk about demand and trading dynamics.


Sula Vineyards IPO Trading - Not a Whole Lot to Cheer About

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, raised around US$130m 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 demand and trading dynamics.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, raised around US$130m 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 demand and trading dynamics.


Weilong Delicious Global IPO Trading - Liked by Retail but Still at a Premium

China

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries, manufactures and sells instant noodles, baked goods, and beverages in China.

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Tingyi Holding (322 HK)

Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75

The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal.

Arun George

Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

Sula Vineyards raised around US$117m in its India IPO in Dec 2022. In this note, we talk about the upcoming lock-up expiry.

Sumeet Singh

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

Sula Vineyards IPO Trading - Not a Whole Lot to Cheer About

Sula Vineyards raised around US$117m in its India IPO, although demand wasn't all that great. In this note we talk about the demand and trading...

Sumeet Singh

Weilong Delicious Global IPO Trading - Liked by Retail but Still at a Premium

Weilong Delicious Global (WDG), a spicy snack food company in China, raised around US$130m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

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