Shin Waku Waku 7 / 新・わくわく７(working title) - Part 1
Shin Waku Waku 7 is an unreleased arcade game that was in development probably during the Neo-Geo days, although it’s still unclear weither it’s was aimed for SNK’s machine or not since it hadn’t been officially announced.
These design docs made their first appearance on Twitter via Sunsoft’s official account a couple of days before the Sunsoft Retro-ten held on December 6, 2014.
It seems that the late Kouki Kita / 喜多 綱毅 (who worked on Waku Waku 7 and Galaxy Fight) was chara-designer on the game. One of the characters -Roomi- comes from Galaxy Fight, another fighting game developed by Sunsoft for the Neo-Geo and released one year before the original Waku Waku 7.
In 1998, Sunsoft released another fighting game - Astra Superstars- but the game runs on another hardware: the Sega ST-V.

Part 2:
http://videogamesdensetsu.tumblr.com/post/167621937450/shin-waku-waku-7-%E6%96%B0%E3%82%8F%E3%81%8F%E3%82%8F%E3%81%8F%EF%BC%97working-title-part

Sources:
http://www.inside-games.jp/article/2014/12/13/83393.html
http://www.k3.dion.ne.jp/~kds/blog/B141210A.png
https://twitter.com/56kuma/status/541262673183125504
https://twitter.com/amaharateikoku/status/713338883555991552
https://twitter.com/chairwarmer2/status/541464952439984128
https://twitter.com/harimoto_ar/status/541129385135206401
https://twitter.com/heppokobitch/status/541633116196962305
https://twitter.com/seiba/status/814699364857716737
https://twitter.com/seiba/status/814705231044845568
https://twitter.com/seiba/status/837478133561339905
https://twitter.com/seiba/status/814700531742437376
https://twitter.com/sunsoftgames/status/540340098991001601
https://twitter.com/Y0SH1HU/status/541094789844701184
https://twitter.com/yaonata/status/541122717076840448
https://twitter.com/yuinejp/status/541435126127669249