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.

Equity Capital Markets

Weilong Delicious / Equity Capital Markets

<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> is a leading spicy snack food company in China. It is one of the fastest-growing and most profitable companies in the snack food industry in China, according to Frost &amp; Sullivan.  Weilong is seeking approval for an HKEx IPO to raise up to $1 billion, according to press reports. Weilong’s shareholders include CPE, Hillhouse, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, Yunfeng Capital and Sequoia Capital China. Generation Z and the millennials are the primary consumers in the snack food industry in China, as they account for 38.2% of China’s population but 69.2% of snack food consumption, according to Frost &amp; Sullivan. The retail sales value of China’s spicy snack food industry is forecasted to grow at a CAGR of 10.4% from 2020 to 2025 and reach RMB257.0 billion by 2025, according to Frost &amp; Sullivan. As the leading snack food brand as measured by brand awareness among those at or under the age of 25, Weilong is well-placed to tap this market opportunity. <div class="content-highlight">Weilong offers an appealing mix of robust top-line growth, high margins and strong cash generation. Weilong is also relatively unscathed from the spate of recent regulations that have decimated other sectors, such as the technology and education sector. On balance, we think that Weilong’s fundamentals are attractive.</div>

Weilong Delicious Global (WDG HK) is a leading spicy snack food company in China. It is one of the fastest-growing and most profitable companies in the snack food industry in China, according to Frost &amp; Sullivan.  Weilong is seeking approval for an HKEx IPO to raise up to $1 billion, according to press reports. Weilong’s shareholders include CPE, Hillhouse, Tencent (700 HK), Yunfeng Capital and Sequoia Capital China. Generation Z and the millennials are the primary consumers in the snack food industry in China, as they account for 38.2% of China’s population but 69.2% of snack food consumption, according to Frost &amp; Sullivan. The retail sales value of China’s spicy snack food industry is forecasted to grow at a CAGR of 10.4% from 2020 to 2025 and reach RMB257.0 billion by 2025, according to Frost &amp; Sullivan. As the leading snack food brand as measured by brand awareness among those at or under the age of 25, Weilong is well-placed to tap this market opportunity. Weilong offers an appealing mix of robust top-line growth, high margins and strong cash generation. Weilong is also relatively unscathed from the spate of recent regulations that have decimated other sectors, such as the technology and education sector. On balance, we think that Weilong’s fundamentals are attractive.

Weilong Delicious IPO Initiation: Tasty Bite

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

There are many reasons to like <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> as the go-to consumer stock in Hong Kong with a China expansion as the growth catalyst, healthy product that caters to plenty of Asians particularly those who are lactose intolerant.Like a lot of Hong Kong-originated companies, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> has been expanding its presence in Mainland China due to the sheer population size and Vitasoy has conquered the Hong Kong market. The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market? Both are filled with innovative competitors and customers who understand that dairy milk has a higher protein and calcium content. As China makes up more than 60% of the business, the performance in China matters more than the stable business in HK. I am less positive about this and there are more downside rather than upside for the time being.

There are many reasons to like Vitasoy Intl Holdings (345 HK) as the go-to consumer stock in Hong Kong with a China expansion as the growth catalyst, healthy product that caters to plenty of Asians particularly those who are lactose intolerant.Like a lot of Hong Kong-originated companies, Vitasoy Intl Holdings (345 HK) has been expanding its presence in Mainland China due to the sheer population size and Vitasoy has conquered the Hong Kong market. The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market? Both are filled with innovative competitors and customers who understand that dairy milk has a higher protein and calcium content. As China makes up more than 60% of the business, the performance in China matters more than the stable business in HK. I am less positive about this and there are more downside rather than upside for the time being. 

Vitasoy (345): Does the Chinese like Soymilk?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 16.In the past 7 days, the top 3 companies that repurchased the most shares from the market were New World Development Co Ltd (17 HK) (HKD 112.0 million worth of buybacks), Fosun International Limited (656 HK) (HKD 25.2 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 17.4 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 16.In the past 7 days, the top 3 companies that repurchased the most shares from the market were New World Development Co Ltd (17 HK) (HKD 112.0 million worth of buybacks), Fosun International Limited (656 HK) (HKD 25.2 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 17.4 million worth of buybacks).

Hong Kong Buybacks: New World Development, Fosun Intl, Want Want

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 9th.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 196.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.8 million worth of buybacks), Fih Mobile Limited (2038 HK) (HKD 30.3 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 9th.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 196.7 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 52.8 million worth of buybacks), Fih Mobile Limited (2038 HK) (HKD 30.3 million worth of buybacks).

Hong Kong Buybacks: Xiaomi HKD 200m Buyback

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 2nd.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Razer (1337 HK) (HKD 37.4 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 36.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 22.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 2nd.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Razer (1337 HK) (HKD 37.4 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 36.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 22.1 million worth of buybacks).

Hong Kong Buybacks: Razer, China Gas, Want Want

Hong Kong

Want Want China Holdings Limited is a leading food and beverage company that manufactures and distributes a wide range of products, including rice crackers, dairy products, and various beverages like flavored milk and juices, as well as snack foods. The company primarily serves the Chinese market with exports to other regions. It was founded in 1962 and is headquartered in Kowloon Bay, Hong Kong.

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Want Want China (151 HK)

Weilong Delicious IPO Initiation: Tasty Bite

Weilong is seeking approval for an HKEx IPO to raise up to $1 billion. Weilong offers an appealing mix of robust top-line growth, high margins and...

Arun George

Vitasoy (345): Does the Chinese like Soymilk?

The question is in which market segment they are trying to compete - the plant-based drink or the dairy milk market. Vitasoy may want to be clearer...

Henry Soediarko

Hong Kong Buybacks: New World Development, Fosun Intl, Want Want

We highlight that the top 3 companies that repurchased the most shares from the market were New World Development (17 HK), Fosun Intl(656 HK), and...

Ke Yan, CFA, FRM

Hong Kong Buybacks: Xiaomi HKD 200m Buyback

We highlight the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Want Want (151 HK), FIH Mobile (2038 HK)...

Ke Yan, CFA, FRM

Hong Kong Buybacks: Razer, China Gas, Want Want

We highlight the top 3 companies that repurchased the most shares from the market: Razer (1337 HK), China Gas (384 HK), Want Want China (151 HK).

Ke Yan, CFA, FRM

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