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09985 衛龍
Listing Date2022/12/15
Listing Price10.560
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Weilong Delicious Global Holdings Ltd is a spicy snack food company in China with strong growth momentum. According to Frost & Sullivan, in terms of retail sales value in 2021, it ranked first among all spicy snack food enterprises in China, with a market share of 6.2%, and ranked first in each of the seasoned flour product and spicy vegetable snack product categories. 95% of consumers are at or under the age of 35, and 55% are at or under the age of 25.


The Group is dedicated to using household food materials, such as soybean, flour and kelp, as main ingredients. It has in recent years diversified into vegetable and bean-based product categories, and launched multiple brands such as “Fengchi” and “Kiss Burn” series. Its product portfolio includes Soft Tofu Skin, 78° Braised Egg and meat products; Konjac Shuang and Fengchi Kelp; Big Latiao, Mini Latiao, Spicy Hot Stick, Mini Hot Stick and Kiss Burn.


As of June 30, 2022, the Group cooperated with more than 1,830 distributors and distributors’ sales network covered more than 735,000 retail points of sale, with significant potential for future expansion. The Group had four plants in Henan.

MarketHong Kong (Main Board)
Business NatureFood & Beverages
Major Business AreaChina
Board Lot200
No. of Offer Shares96.40M shares
No. of International Offer Shares67.48M shares
No. of HK Offer Shares28.92M shares
Offer Price$10.40 - $11.40
Stock Code9985
Sponsor(s)Morgan Stanley Asia Limited, China International Capital Corporation Hong Kong Securities Limited, UBS Securities Hong Kong Limited
Underwriter(s)UBS AG Hong Kong Branch, Morgan Stanley Asia Limited, China International Capital Corporation Hong Kong Securities Limited, BNP Paribas Securities (Asia) Limited, Futu Securities International (Hong Kong) Limited, CCB International Capital Limited, Silverbricks Securities Company Limited, I Win Securities Limited
Application PeriodDec 05 (Mon) - noon, Dec 08 (Thu)
Price Determination DateDec 08 (Thu)
Result Announcement DateOn or before Dec 14 (Wed)
Result Announcement DateOn or before Dec 14 (Wed)
Dealings in Shares commence onDec 15, 2022. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
Sales Statistics (HKD)
Offer Price$10.40 - $11.40
Capitalization24.45B - 26.80B
NAV / share ($)$2.31 - $2.35 (Unaudited pro forma adj NAV / share)
Use Of Proceeds
Assuming the offer price being at HKD 10.9, the net proceeds raised would be HKD 935.50M, of which
57% : Expand and upgrade production facilities and supply chain system to improve production capacity and warehousing management and product quality
15% : Expand sales and distribution network
10% : Used for brand building
10% : Product research and development activities and enhancement of research and development capabilities
8% : Advance the digitization and intelligence of business
Related Document
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
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