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>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

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> pre-markets a US$1bn IPO, <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> and <a href="https://www.smartkarma.com/entities/sunshine-insurance-group-company-limited" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (6963 HK)</a> have tepid debuts, <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> launches a US$141m IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a>, <a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - VinFast (1905332D VN) pre-markets a US$1bn IPO, I-Tail (ITC TB) and Sunshine Insurance (6963 HK) have tepid debuts, Weilong Delicious Global (WDG HK) launches a US$141m IPO.
Event-Driven developments - Bigtincan Holdings Ltd (BTH AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Xingda International (1899 HK), Chip Eng Seng Corp (CHIP SP).


Weekly Deals Digest (11 Dec) - Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-tu-capital" target="_blank" data-smartkarma-citation="entities:36146:1" rel="noopener">Tian Tu Capital (1390587D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.</li>
<li>The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.</li>
</ul>



Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Tiantu Capital (TTC) is a private equity/venture capital investor and fund manager with a focus on Chinese consumer brands and companies.
The fund manages capital from investors including institutional investors, multinational corporations, financial institutions, and high net-worth individuals. It also directly invests through its own capital as well.


Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

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>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

China

Weilong Delicious Global Holdings Limited is a leading Chinese enterprise specializing in the research, development, production, and sale of spicy snack foods. Its product portfolio includes seasoned flour products like Latiao, various vegetable-based snacks such as Konjac Shuang, and bean-based and other products. The company was founded in 2001 and is headquartered in Luohe, Henan Province, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Weilong Delicious (9985 HK)

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

Weekly Deals Digest (11 Dec) - Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

Last week, notable developments occurred in Event-Driven (Toshiba, Bigtincan, Genex, Nitro, Warrego, Xingda, Singapore Medical) and ECM (VinFast,...

Arun George

Tian Tu Capital Pre-IPO - The Negatives - Hampered by Weakened Market Sentiment. Guiding Weak FY22

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

Tian Tu Capital Pre-IPO - The Positives - Growing Its AUM and Committed Capital

Tian Tu Capital (1390587D CH) is looking to raise US$300m in its upcoming Hong Kong IPO. Tiantu Capital (TTC) is a private equity/venture capital...

Clarence Chu

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)