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 Global Holdi / 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 (WDG HK)</a>, a spicy snack food company in China, aims to raise around US$200m 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>In this note, we will talk about the updates from the recently re-refiled PHIP.</li>
</ul>



Weilong Delicious Global (WDG HK), a spicy snack food company in China, aims to raise around US$200m 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.
In this note, we will talk about the updates from the recently re-refiled PHIP.


Weilong Delicious Global Pre-IPO - Latest PHIP Updates - No Growth

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </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 will talk about the not-so-positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
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 will talk about the not-so-positive aspects of the deal.


DPC Dash Pre-IPO - The Negatives - Lags the Leader, Remains Loss Making

<ul>
<li>DPC Dash aims to raise around US$100m in its Hong Kong IPO. </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 will talk about the positive aspects of the deal.</li>
</ul>


DPC Dash aims to raise around US$100m in its Hong Kong IPO. 
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 will talk about the positive aspects of the deal.


DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hang Seng Index continues its march to 80 names, after which it will commence a march, or a slog, to 100 names in an effort to gain more comprehensive coverage</li>
<li>Doing so will admit names which move to Hong Kong from New York and will make way for more dynamism and lower SOE weights.</li>
<li>The three ADDs are <a href="https://www.smartkarma.com/entities/tingyi-cayman-islands-holding-corp" target="_blank" data-smartkarma-citation="entities:14016:1" rel="noopener">Tingyi Holding (322 HK)</a>, <a href="https://www.smartkarma.com/entities/china-resources-mixc-lifestyle-services" target="_blank" data-smartkarma-citation="entities:29285:1" rel="noopener">China Resources Mixc Lifestyle Services (1209 HK)</a>, and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a> with a pro-forma combined weight just &lt;1%.</li>
</ul>


Hang Seng Index continues its march to 80 names, after which it will commence a march, or a slog, to 100 names in an effort to gain more comprehensive coverage
Doing so will admit names which move to Hong Kong from New York and will make way for more dynamism and lower SOE weights.
The three ADDs are Tingyi Holding (322 HK), China Resources Mixc Lifestyle Services (1209 HK), and Haier Smart Home Co Ltd (6690 HK) with a pro-forma combined weight just &lt;1%.


Hang Seng Index Dec22 Rebal - 3 IN, None Out (The March to 80 Continues)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 4 adds and 4 deletes for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> at the December rebalance. The only surprises are some non-adds and non-deletes.</li>
<li>Using prices from the close on 18 November, estimated one-way turnover is 4.64% and will result in a one-way trade of HK$2,612m at the close on 2 December.</li>
<li>Short interest is larger on the deletes than the adds. However, at 17 days of ADV to cover and 11.7% of float, short interest on <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group</a> is huge.</li>
</ul>


There are 4 adds and 4 deletes for the Hang Seng China Enterprises Index (HSCEI INDEX) at the December rebalance. The only surprises are some non-adds and non-deletes.
Using prices from the close on 18 November, estimated one-way turnover is 4.64% and will result in a one-way trade of HK$2,612m at the close on 2 December.
Short interest is larger on the deletes than the adds. However, at 17 days of ADV to cover and 11.7% of float, short interest on Zhongsheng Group is huge.


HSCEI Index Rebalance: Four Sets of Changes; And Some Close Calls

China

Haidilao International Holding Ltd. operates Chinese cuisine restaurant brand focusing on hot pot cuisine. The Company provides hot pots, soup bases, dipping sauces, drinks, prepared food, and other products. Haidilao International Holding opens restaurants in Taiwan, Hong Kong, Singapore, South Korea, Japan, and the United States.

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Haidilao International Holding (6862 HK)

Weilong Delicious Global Pre-IPO - Latest PHIP Updates - No Growth

Weilong Delicious Global (WDG HK), a spicy snack food company in China, aims to raise around US$200m in its Hong Kong IPO.

Sumeet Singh

DPC Dash Pre-IPO - The Negatives - Lags the Leader, Remains Loss Making

DPC Dash, Domino's Pizza's franchisee in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the not so positive...

Sumeet Singh

DPC Dash Pre-IPO - The Positives - On a Rapid Expansion Spree

DPC Dash, master franchisee for Domino's Pizza in China, aims to raise around US$100m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Hang Seng Index Dec22 Rebal - 3 IN, None Out (The March to 80 Continues)

The Hang Seng rebalance for Dec 2022 adds 3 names which combined have a weight just under 1%. There are other capping changes but they are not...

Travis Lundy

HSCEI Index Rebalance: Four Sets of Changes; And Some Close Calls

There are 4 sets of changes for the HSCEI. Some stocks are notable non-adds/non-deletes. one-way turnover is 4.6%. Haier Smart Home is a double...

Brian Freitas

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