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 May 28.In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings Limited (384 HK) (HKD 321.6 million worth of buybacks), Nissin Foods Company Limited (1475 HK) (HKD 28.5 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 8.7 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 May 28.In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings Limited (384 HK) (HKD 321.6 million worth of buybacks), Nissin Foods Company Limited (1475 HK) (HKD 28.5 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 8.7 million worth of buybacks).

Hong Kong Buybacks: China Gas, Nissin Foods, Want Want

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

<div>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. </div><div>WDG sells products across three categories: seasoned flour products,  vegetable products and Bean-based and other products. According to Frost &amp; Sullivan (F&amp;S), in terms of retail sales value in 2020, WDG ranked first among all spicy snack food enterprises in China, with a market share of 5.7%, and ranked first in each of the seasoned flour product and spicy vegetable snack product categories.</div><div>
We covered the positive aspects of the deal in our earlier note, <a href="https://www.smartkarma.com/insights/weilong-delicious-global-pre-ipo-the-positives-fast-growth-strong-backers" target="_blank" rel="noopener">Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers.</a>
In this note we will talk about some of the not so flattering aspects of the deal.
</div>

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. WDG sells products across three categories: seasoned flour products,  vegetable products and Bean-based and other products. According to Frost &amp; Sullivan (F&amp;S), in terms of retail sales value in 2020, WDG ranked first among all spicy snack food enterprises in China, with a market share of 5.7%, and ranked first in each of the seasoned flour product and spicy vegetable snack product categories.
We covered the positive aspects of the deal in our earlier note, Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers.
In this note we will talk about some of the not so flattering aspects of the deal.


Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. WDG sells products across three categories: seasoned flour products,  vegetable products and Bean-based and other products. According to Frost &amp; Sullivan (F&amp;S), in terms of retail sales value in 2020, WDG ranked first among all spicy snack food enterprises in China, with a market share of 5.7%, and ranked first in each of the seasoned flour product and spicy vegetable snack product categories.Overall revenue growth has been strong at 23% YoY in 2019 and 21.7% in 2020 driven both by an increase in volumes and prices over 2019-20. Vegetable products have been the fastest growing category with a CAGR of 98% over FY18-20.Along with strong revenue growth, WDG gross profit growth has been even stronger, with gross profit growing by 25-31% YoY over 2018-20. PAT grew at 25-38% over 2018-20.

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. WDG sells products across three categories: seasoned flour products,  vegetable products and Bean-based and other products. According to Frost &amp; Sullivan (F&amp;S), in terms of retail sales value in 2020, WDG ranked first among all spicy snack food enterprises in China, with a market share of 5.7%, and ranked first in each of the seasoned flour product and spicy vegetable snack product categories.Overall revenue growth has been strong at 23% YoY in 2019 and 21.7% in 2020 driven both by an increase in volumes and prices over 2019-20. Vegetable products have been the fastest growing category with a CAGR of 98% over FY18-20.Along with strong revenue growth, WDG gross profit growth has been even stronger, with gross profit growing by 25-31% YoY over 2018-20. PAT grew at 25-38% over 2018-20.

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers

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 May 21.In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings Limited (384 HK) (HKD 199.1 million worth of buybacks), Haier Smart Home Co., Ltd. (6690 HK) (HKD 48.1 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 26.5 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 892.4 million worth of buybacks), Hopson Development Holdings Limited-100 (754 HK) (HKD 259.5 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 199.1 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 4,992.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 676.3 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 452.4 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 4,992.9 million worth of buybacks), China Evergrande Group (3333 HK) (HKD 3,824.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 2,142.9 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 May 21.In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings Limited (384 HK) (HKD 199.1 million worth of buybacks), Haier Smart Home Co., Ltd. (6690 HK) (HKD 48.1 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 26.5 million worth of buybacks).In the past 30 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 892.4 million worth of buybacks), Hopson Development Holdings Limited-100 (754 HK) (HKD 259.5 million worth of buybacks), China Gas Holdings Limited (384 HK) (HKD 199.1 million worth of buybacks).In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 4,992.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 676.3 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 452.4 million worth of buybacks).In the past 365 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corporation (1810 HK) (HKD 4,992.9 million worth of buybacks), China Evergrande Group (3333 HK) (HKD 3,824.6 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 2,142.9 million worth of buybacks).

Hong Kong Buybacks: China Gas, Haier Smart Home, 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 May 14.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hopson Development Holdings Limited-100 (754 HK) (HKD 92.3 million worth of buybacks), Razer (1337 HK) (HKD 82.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 41.1 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 May 14.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hopson Development Holdings Limited-100 (754 HK) (HKD 92.3 million worth of buybacks), Razer (1337 HK) (HKD 82.9 million worth of buybacks), Want Want China Holdings Limited (151 HK) (HKD 41.1 million worth of buybacks).

Hong Kong Buybacks: Hopson, Razer, 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)

Hong Kong Buybacks: China Gas, Nissin Foods, Want Want

We highlight that in the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings (384 HK), Nissin...

Ke Yan, CFA, FRM

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation

Weilong Delicious Global, a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. The company was recently backed by...

Sumeet Singh

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers

Weilong Delicious Global, a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. It recently undertook a pre-IPO...

Sumeet Singh

Hong Kong Buybacks: China Gas, Haier Smart Home, Want Want

In the past 7 days, the top 3 companies that repurchased the most shares from the market were China Gas Holdings Limited (384 HK), Haier Smart Home...

Ke Yan, CFA, FRM

Hong Kong Buybacks: Hopson, Razer, Want Want

In the past 7 days, the top 3 companies that repurchased the most shares from the market were Hopson Development Holdings Limited (754 HK), Razer...

Ke Yan, CFA, FRM

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