Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Chifeng Jilong Gold Mining / Equity Bottom-Up

<ul>
<li>H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.</li>
<li>Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).</li>
<li>On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.</li>
</ul>


H1 2025 delivered record profitability, with realized gold prices up 41% YoY to ~US$3,020/oz and production surging 77% to 6.75t, lifting margins to ~US$1,440/oz.
Growth is anchored in the Sepon and Wassa ramp-ups, with optionality from the newly identified SND discovery (maiden reserve expected 2026, potential production from 2027–28).
On 2026E, Chifeng trades at ~8× P/E and ~4.6× EV/EBITDA with &gt;10% FCF yields, offering inexpensive exposure to earnings growth; risks remain around execution at overseas mines, cost pressures etc.


Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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

Chifeng Jilong Gold Mining / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a> , a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong.</li>
<li>It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH) , a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong.
It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.
We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.


Chifeng Jilong A/H Trading - Weak Institutional Demand and Probably Close to Fair Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a> , a gold mining company in China, is now looking to raise up to US$419m in its H-share listing in Hong Kong.</li>
<li>It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH) , a gold mining company in China, is now looking to raise up to US$419m in its H-share listing in Hong Kong.
It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.
We have covered the company and deal background in our previous notes. In this note, we talk about the IPO pricing.


Chifeng Jilong A/H Listing: Why Not Own International Peers Instead?

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

Index Rebalance

Chifeng Jilong Gold Mining / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a> has launched an H-share offering that could raise up to US$554m if the offer size adjustment option and overallocation option are both exercised.</li>
<li>The price range of HK$13.72-HK$15.83/share is a discount of 18.7-29.5% to the A-shares and between 17-26% of the offering will be allocated to cornerstone investors.</li>
<li>The small issue size will result in the stock staying out the global indices for the foreseeable future. Inclusion in Southbound Stock Connect will take place in April.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH) has launched an H-share offering that could raise up to US$554m if the offer size adjustment option and overallocation option are both exercised.
The price range of HK$13.72-HK$15.83/share is a discount of 18.7-29.5% to the A-shares and between 17-26% of the offering will be allocated to cornerstone investors.
The small issue size will result in the stock staying out the global indices for the foreseeable future. Inclusion in Southbound Stock Connect will take place in April.


Chifeng Jilong Gold Mining (6693 HK) IPO: H-Share Offering Details & Index Inclusion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chifeng-jilong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:7782:1" rel="noopener">Chifeng Jilong Gold Mining (600988 CH)</a>, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. </li>
<li>It is principally engaged in the mining, processing and sales of gold.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Chifeng Jilong Gold Mining (600988 CH), a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing. 
It is principally engaged in the mining, processing and sales of gold.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Chifeng Jilong A/H Listing: Riding on the Gold Rush

China

Chifeng Jilong Gold Mining Co., Ltd. is engaged in the production and sale of gold ingots. The Company also provides silver products. Chifeng Jilong Gold Mining operates its businesses in China.

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 (600988 CH)

Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...

Rahul Jain

Chifeng Jilong A/H Trading - Weak Institutional Demand and Probably Close to Fair Value

Chifeng Jilong (CJ), a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong. In this note, we talk about the...

Nicholas Tan

Chifeng Jilong A/H Listing: Why Not Own International Peers Instead?

Chifeng Jilong, a gold mining company in China, is now looking to raise up to US$419m in its H-share listing in Hong Kong. It has been listed on...

Nicholas Tan

Chifeng Jilong A/H Listing: Riding on the Gold Rush

Chifeng Jilong, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chifeng Jilong Gold (600988 CH) – Earnings Step-Change, Valuation Undemanding

​Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...

Rahul Jain

Chifeng Jilong A/H Trading - Weak Institutional Demand and Probably Close to Fair Value

Chifeng Jilong (CJ), a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong. In this note, we talk about the...

Nicholas Tan

Chifeng Jilong A/H Listing: Why Not Own International Peers Instead?

Chifeng Jilong, a gold mining company in China, is now looking to raise up to US$419m in its H-share listing in Hong Kong. It has been listed on...

Nicholas Tan

Chifeng Jilong Gold Mining (6693 HK) IPO: H-Share Offering Details & Index Inclusion

Chifeng Jilong Gold Mining is looking to raise up to US$554m in its H-share offering with around a quarter of the issue taken by cornerstone...

Brian Freitas

Chifeng Jilong A/H Listing: Riding on the Gold Rush

Chifeng Jilong, a company owning multiple gold mines across the world, aims to raise around US$500m in its H-share listing.

Nicholas Tan

Record profitability in H1 2025 driven by surging gold prices and production, with growth anchored in Sepon and Wassa ramp-ups and potential from...