Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.</li>
<li>Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.</li>
<li>Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.</li>
</ul>


Precious and energy-transition metals lead as structural scarcity, central-bank demand, and electrification support gold, silver, copper, aluminium, zinc, and rare earths into 2026.
Bulks and hydrocarbons lag with weak China demand, oversupply, and compressed margins across iron ore, nickel, steel, coal, and crude, keeping the segment firmly underweight.
Top Asia exposures include Zijin, Korea Zinc, Hindustan Zinc, Vedanta, CMOC, JXAM, SMM, Mitsui, Jiangxi Copper, NALCO, Hongqiao, Hindalco, Shenghe, and CNRE.


Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. </li>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, <a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd-e8c112a6-e6de-44cc-812a-084509c2cf7c" target="_blank" data-smartkarma-citation="entities:45496:1" rel="noopener">Fortior Technology (1304 HK)</a>, <a href="https://www.smartkarma.com/entities/sicc-co-ltd-e5b2bacc-ed46-4d8e-bfb1-ff952e730eae" target="_blank" data-smartkarma-citation="entities:45752:1" rel="noopener">SICC (2631 HK)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd-8806deaf-04c9-4411-b1ee-92e813b9c5e0" target="_blank" data-smartkarma-citation="entities:45955:1" rel="noopener">Sany Heavy (6031 HK)</a>, and <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">CIG Shanghai (6166 HK)</a> are high-growth names with discount reduction.</li>
<li>Opportunities exist in <a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a> and <a href="https://www.smartkarma.com/entities/car-inc" target="_blank" data-smartkarma-citation="entities:942:1" rel="noopener">Ningbo Joyson Electronic (699 HK)</a> as they are expected to post 30%+ EPS CAGR, yet the discount has widened. </li>
</ul>


For the 16 H-share IPOs of A-shares this year, the average YTD narrowing in the H-A discount is 9.1pp, with growth prospects remaining the key driver. 

Lens Technology (6613 HK), Fortior Technology (1304 HK), SICC (2631 HK), Sany Heavy (6031 HK), and CIG Shanghai (6166 HK) are high-growth names with discount reduction.
Opportunities exist in Seres Group (9927 HK) and Ningbo Joyson Electronic (699 HK) as they are expected to post 30%+ EPS CAGR, yet the discount has widened. 


HK Strategy: An Update on Playing the Future H IPOs of the As

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

RoboTechnik Intelligent Technology / Equity Capital Markets

RoboTechnik Intelligent Technology (RBTK HK)

<ul>
<li>RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.</li>
<li>In our previous notes, we looked at the company's fundamentals and the deal terms.</li>
<li>In this note, we provide an update for the IPO before its trading debut.</li>
</ul>


RoboTechnik, a photovoltaic and silicon photonics manufacturing equipment maker, raised HKD 4,961.3m (USD 632.5m) from its global offering and will list on HKEX on Tuesday, 29 Sep 2026.
In our previous notes, we looked at the company's fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.


<ul>
<li>YTD, the share prices of the H-share IPOs of A-shares increased by an average of 30.2%, and the H-A discount narrowed by 14.8pp, but the range is wide.</li>
<li>The growth outlook, as reflected by the 3-year EPS CAGR, is the key driver for the performance and reduction in H-A share discounts.</li>
<li>Market cap, absolute PER multiples, and even relative PER ratios are not the major factors supporting their post-IPO performance.</li>
</ul>


YTD, the share prices of the H-share IPOs of A-shares increased by an average of 30.2%, and the H-A discount narrowed by 14.8pp, but the range is wide.
The growth outlook, as reflected by the 3-year EPS CAGR, is the key driver for the performance and reduction in H-A share discounts.
Market cap, absolute PER multiples, and even relative PER ratios are not the major factors supporting their post-IPO performance.


HK Strategy: How to Play the Future H IPOs of the As

<ul>
<li>The 6 H-share IPOs of the listed A-share companies YTD have seen their H-A discount narrowing from an average of 31% during IPO to 15.5% currently.  </li>
<li>Larger-Cap ones tend to be priced and traded at a smaller discount to their A-shares. However, they are not necessarily those seeing the most significant narrowing in discount. </li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> may further narrow its discount, while <a href="https://www.smartkarma.com/entities/zhejiang-sanhua-intelligent-controls" target="_blank" data-smartkarma-citation="entities:45277:1" rel="noopener">Zhejiang Sanhua Intelligent Controls (2050 HK)</a> also sees upside from such a perspective. </li>
</ul>


The 6 H-share IPOs of the listed A-share companies YTD have seen their H-A discount narrowing from an average of 31% during IPO to 15.5% currently.  
Larger-Cap ones tend to be priced and traded at a smaller discount to their A-shares. However, they are not necessarily those seeing the most significant narrowing in discount. 

Foshan Haitian Flavouring &amp; Food Company (3288 HK) may further narrow its discount, while Zhejiang Sanhua Intelligent Controls (2050 HK) also sees upside from such a perspective. 


HK Strategy: Trend of Narrowing H-A IPO Discount

China

Chifeng Jilong Gold Mining Co., Ltd. is primarily engaged in the exploration, mining, beneficiation, and sale of gold and other non-ferrous metals such as zinc, lead, copper, and molybdenum. The company also operates in polymetallic mining and comprehensive resource recycling, including waste electrical and electronic product dismantling. It is headquartered in Beijing, China, and was founded in 1998.

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

Chifeng Jilong Gold Mining (6693 HK)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

HK Strategy: An Update on Playing the Future H IPOs of the As

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

HK Strategy: How to Play the Future H IPOs of the As

H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....

Osbert Tang, CFA

HK Strategy: Trend of Narrowing H-A IPO Discount

H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia Metals Outlook 2026: Scarcity Favours Gold, Copper, Aluminium

​Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

Rahul Jain

HK Strategy: An Update on Playing the Future H IPOs of the As

​16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

Osbert Tang, CFA

RoboTechnik (罗博特科) IPO Trading

RoboTechnik raised USD 632m in net proceeds to list on HKEX on Tuesday, 29 Sep 2026. We are cautious on debut performance given lukewarm...

Ke Yan, CFA, FRM

HK Strategy: How to Play the Future H IPOs of the As

​H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....

Osbert Tang, CFA

HK Strategy: Trend of Narrowing H-A IPO Discount

​H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...

Osbert Tang, CFA

Precious and energy-transition metals set to outperform bulks and hydrocarbons through 2026, with top Asia exposures including Zijin, Korea Zinc,...

16 H-share IPOs of A-shares this year have seen an average YTD narrowing in the H-A discount of 9.1pp, driven by growth prospects. Opportunities...

H-share IPOs of A-shares have seen a 30.2% increase in share prices YTD, with a growth outlook driving performance and narrowing H-A discounts....

H-share IPOs of A-shares have seen narrowing discounts, with larger-caps trading at smaller discounts, but not the ones with the largest...