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 analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Meituan, Tencent, HSBC, CCB, Gcl Technology, TraHK HSI ETF.


HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

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

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> raised around US$3.2bn in its Hong Kong IPO.</li>
<li>It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Zijin Gold (2259 HK) raised around US$3.2bn in its Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.</li>
<li>Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range. </li>
<li>Considering better profitability/shareholder resources, Zijin Gold has more advantage than <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining</a>. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.</li>
</ul>


Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.
Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range. 
Considering better profitability/shareholder resources, Zijin Gold has more advantage than Shandong Gold Mining. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.


Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.</li>
<li>The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 59.8% as of Sep 26th.
The average A-H premium changed by 2.9ppt week-on-week, led by communication services, information technology, financials and offset by real estate, materials.
We highlight weekly changes in A-H premium for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home, ICBC.


A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Zijin Gold IPO will start trading on 30 September. Zijin Gold is aiming to raise US$3.2 billion (HK$24.98 billion) from its IPO, offering 349 million shares at HK$71.59 each.</li>
<li>Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price). We expect a sharply higher pop on the first day of trading.</li>
<li>If its share price appreciates more than 30-50% or more, we think it is prudent to take some profits off the table (at least 25%-30% of total investment). </li>
</ul>


Zijin Gold IPO will start trading on 30 September. Zijin Gold is aiming to raise US$3.2 billion (HK$24.98 billion) from its IPO, offering 349 million shares at HK$71.59 each.
Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price). We expect a sharply higher pop on the first day of trading.
If its share price appreciates more than 30-50% or more, we think it is prudent to take some profits off the table (at least 25%-30% of total investment). 


Trading Strategy of Zijin Gold on the First Day of IPO

China

Shandong Gold Mining is a Chinese company primarily engaged in the exploration, mining, processing, and sale of gold and gold products. It also deals with non-ferrous metals like silver, copper, lead, and zinc, and manufactures specialized equipment for gold mines. The company was incorporated in 2000 and is headquartered in Jinan, People's Republic of China.

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Shandong Gold Mining (1787 HK)

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd and highlight short interest changes in Meituan, Tencent, HSBC,...

Ke Yan, CFA, FRM

Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold (ZG) raised around US$3.2bn in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention

Zijin Gold's DCF valuation is US$28.4bn, with potential to reach US$34-42bn based on 2025 forecast. It's highly likely that the market value of...

Xinyao (Criss) Wang

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Trading Strategy of Zijin Gold on the First Day of IPO

Zijin Gold IPO will start trading on 30 September. Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price).

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Meituan, Tencent, HSBC, CCB, Gcl Technology

We analyzed the latest HK SFC report for aggregate short position as of Oct 3rd and highlight short interest changes in Meituan, Tencent, HSBC,...

Ke Yan, CFA, FRM

Zijin Gold IPO Trading: Decent Retail but Strong Insti Demand

Zijin Gold (ZG) raised around US$3.2bn in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Nicholas Tan

Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention

​Zijin Gold's DCF valuation is US$28.4bn, with potential to reach US$34-42bn based on 2025 forecast. It's highly likely that the market value of...

Xinyao (Criss) Wang

A-H Premium Weekly (Sep 26th): Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier Smart Home

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Cosco Shipping, Zijin Mining, Anjoy Foods, Goldwind, Haier...

Ke Yan, CFA, FRM

Trading Strategy of Zijin Gold on the First Day of IPO

Zijin Gold IPO will start trading on 30 September. Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price).

Douglas Kim

Zijin Gold's DCF valuation is US$28.4bn, with potential to reach US$34-42bn based on 2025 forecast. It's highly likely that the market value of...