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 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

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

Yibin City Commercial Bank / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yibin-city-commercial-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:39930:1" rel="noopener">Yibin City Commercial Bank Co Ltd (2596 HK)</a> is scheduled to debut on the HKEX on 13 January 2025 at a market capitalization of ~$1.6bn.</li>
<li>The IPO free float is 100% as the offered shares represent all the listed shares. However, the significant amount of unlisted shares result in a low fcap.</li>
<li>The security can be added at the June 2025 review if the stock price mimics the IPO debut of <a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks (325 HK)</a> and surges by ~84%.</li>
</ul>



Yibin City Commercial Bank Co Ltd (2596 HK) is scheduled to debut on the HKEX on 13 January 2025 at a market capitalization of ~$1.6bn.
The IPO free float is 100% as the offered shares represent all the listed shares. However, the significant amount of unlisted shares result in a low fcap.
The security can be added at the June 2025 review if the stock price mimics the IPO debut of Bloks (325 HK) and surges by ~84%.


Yibin Bank (2596 HK): 100% IPO Float Fails to Secure Global Index Inclusion

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Mokingran Jewellery Group Ltd / Equity Capital Markets

Mokingran Jewellery Group Ltd (1863481D CH)

<ul>
<li>The skyrocketing gold prices have driven up the prices of gold jewelry, but actually dampen the enthusiasm of many people to buy gold jewelry, which will directly affect MOKINGRAN's performance.</li>
<li>MOKINGRAN's prediction of gold price is incorrect. For an industry veteran, MOKINGRAN shouldn’t make such mistakes. The error in the judgment of important raw material trends is worth investors' vigilance.</li>
<li>We think that valuation of MOKINGRAN should be lower than that of <a href="https://www.smartkarma.com/entities/lao-feng-xiang-co-ltd" target="_blank" data-smartkarma-citation="entities:29910:1" rel="noopener">Lao Feng Xiang (600612 CH)</a>/<a href="https://www.smartkarma.com/entities/chow-tai-seng-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:29414:1" rel="noopener">Chow Tai Seng Jewellery (002867 CH)</a>/<a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> and industry average.</li>
</ul>


The skyrocketing gold prices have driven up the prices of gold jewelry, but actually dampen the enthusiasm of many people to buy gold jewelry, which will directly affect MOKINGRAN's performance.
MOKINGRAN's prediction of gold price is incorrect. For an industry veteran, MOKINGRAN shouldn’t make such mistakes. The error in the judgment of important raw material trends is worth investors' vigilance.
We think that valuation of MOKINGRAN should be lower than that of Lao Feng Xiang (600612 CH)/Chow Tai Seng Jewellery (002867 CH)/Chow Tai Fook Jewellery (1929 HK) and industry average.


Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

China

Laopu Gold is a leading Chinese designer, manufacturer, and retailer of heritage gold jewelry, offering products with Chinese culture-inspired designs and craftsmanship. The company sells pure gold, gem-set, and non-gold jewelry through both offline retail stores and online platforms, and provides maintenance and repair services. Founded in 2009, its headquarters are located in Beijing, China.

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Laopu Gold (6181 HK)

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: 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

Yibin Bank (2596 HK): 100% IPO Float Fails to Secure Global Index Inclusion

Yibin Bank (2596 HK) is expected to be excluded from the Global Index at June 2025 review due to low fcap except if the stock price surges by ~84%...

Dimitris Ioannidis

Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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: 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

Yibin Bank (2596 HK): 100% IPO Float Fails to Secure Global Index Inclusion

​Yibin Bank (2596 HK) is expected to be excluded from the Global Index at June 2025 review due to low fcap except if the stock price surges by ~84%...

Dimitris Ioannidis

Pre-IPO Mokingran Jewellery Group (PHIP Updates) - Some Points Worth the Attention

​Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...

Xinyao (Criss) Wang

Yibin Bank (2596 HK) is expected to be excluded from the Global Index at June 2025 review due to low fcap except if the stock price surges by ~84%...

Skyrocketing gold prices dampen enthusiasm for gold jewelry, impacting MOKINGRAN's performance. Incorrect gold price prediction raises investor...