News Snapshot:
Weipaitang, an online auction site for collectibles, submitted application documents for a public listing on the Hong Kong Stock Exchange (HKEx) on Wednesday. Exclusive sponsor is CICC. The prospectus cites data from Frost & Sullivan showing that the GMV of Weipaitang-sponsored collectibles transactions reached 40.5 billion yuan ($6.03 billion) in 2021. The company also noted that as of December 31, 2021, it was one of the professional platforms with the most comprehensive collectible crafting categories. The company said that in the current market mode, most of the products on Weipaitang are offered by merchants. There were reportedly more than 108,000...
