HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Guangdong Chj Industry Co A / Equity Capital Markets

<ul>
<li>CHJ’s business model integrates franchise stores and self-operated stores. Franchising as the main approach is beneficial for achieving rapid expansion, while self-operation as a supplement helps to enhance brand image.</li>
<li>Due to increasing competition, future growth of CHJ may not be benefit from the high gold prices, but may be under pressure due to rising raw material costs/reduced customer demand.</li>
<li>We think valuation of CHJ should be lower than Laopu, but could be higher than <a href="https://www.smartkarma.com/entities/zhou-liu-fu-jewellery-co-ltd" target="_blank" data-smartkarma-citation="entities:43706:1" rel="noopener">Zhou Liu Fu (6168 HK)</a> due to CHJ’s higher performance growth in the short term.  </li>
</ul>


CHJ’s business model integrates franchise stores and self-operated stores. Franchising as the main approach is beneficial for achieving rapid expansion, while self-operation as a supplement helps to enhance brand image.
Due to increasing competition, future growth of CHJ may not be benefit from the high gold prices, but may be under pressure due to rising raw material costs/reduced customer demand.
We think valuation of CHJ should be lower than Laopu, but could be higher than Zhou Liu Fu (6168 HK) due to CHJ’s higher performance growth in the short term.  


Pre-IPO Guangdong CHJ Industry - The Business Model, the Concerns and the Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Sany Heavy Industry / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.</li>
<li>On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Hong Kong and India markets appear to be gearing up for a year end rush.
On the placements front, there were no large deals this week but we did have a look at the upcoming lockup expiries.


ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics, China Mobile, Meituan, SMIC, Laopu Gold.


HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

Equity Bottom-Up

<ul>
<li>The strong bullish sentiment towards gold has boosted Laopu’s share price, but we still have doubts about whether Laopu can truly benefit from the gold price rally in the future.</li>
<li>In a crisis, gold stocks will face sell-off. We may see an "interesting phenomenon"- The price of gold commodities is soaring, while gold stocks are performing unsatisfactory or even plummeting.</li>
<li>In fact, we already witnessed the inconsistency between the gold commodities prices and Laopu's share price. This is the core logic we recommend investors take profits on Laopu in time.</li>
</ul>


The strong bullish sentiment towards gold has boosted Laopu’s share price, but we still have doubts about whether Laopu can truly benefit from the gold price rally in the future.
In a crisis, gold stocks will face sell-off. We may see an "interesting phenomenon"- The price of gold commodities is soaring, while gold stocks are performing unsatisfactory or even plummeting.
In fact, we already witnessed the inconsistency between the gold commodities prices and Laopu's share price. This is the core logic we recommend investors take profits on Laopu in time.


Laopu Gold (6181.HK) - Gold Stocks Are Different from Gold Commodities

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Guangdong Chj Industry Co A (002345 CH) (CHJ) submitted an application to list H-shares on the Main Board of the Hong Kong Stock Exchange.</li>
<li>Despite higher valuation multiples, the company has been able to successfully generate higher sales and profits in the past several years. </li>
<li>The high and rising global gold prices have created a strong loyal customers and investor base that could positively impact this IPO on the HK Stock Exchange. </li>
</ul>


Guangdong Chj Industry Co A (002345 CH) (CHJ) submitted an application to list H-shares on the Main Board of the Hong Kong Stock Exchange.
Despite higher valuation multiples, the company has been able to successfully generate higher sales and profits in the past several years. 
The high and rising global gold prices have created a strong loyal customers and investor base that could positively impact this IPO on the HK Stock Exchange. 


Guangdong CHJ Industry Files Preliminary IPO Prospectus in Hong Kong

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)

Pre-IPO Guangdong CHJ Industry - The Business Model, the Concerns and the Outlook

CHJ's business model combine franchise and self-operated store for rapid expansion/brand image enhancement.Future growth may be impacted by...

Xinyao (Criss) Wang

ECM Weekly (27 October 2025)- Sany, Seres, PonyAI, WeRide, CIG, JST, Lenskart, Horizon, CRB

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HK Connect Flows Weekly (Oct 24th): Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CNOOC, Pop Mart Intl, Duality Biotherapeutics,...

Ke Yan, CFA, FRM