Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anglo-american-plc-04f6cda9-c726-4c33-8544-c5046bc74b29" target="_blank" data-smartkarma-citation="entities:28603:1" rel="noopener"></a>Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.</li>
<li>The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.</li>
<li>Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.</li>
</ul>



Anglo American and Teck Resources merge in a $53 billion deal, creating the world’s fifth-largest copper producer with defensive scale.
The merger promises $800 million in annual cost synergies by the end of 4th year, but execution across multiple jurisdictions will remain a challenge.
Regulatory approval in Canada and key stakeholder positions, including Keevil and Elliott, will be pivotal to deal success.


Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Zijin Mining is spinning off its seven overseas gold mines into Zijin Gold International, creating a dedicated, pure-play gold producer and positioning it for a Hong Kong IPO.</li>
<li>The IPO proceeds will primarily fund mine upgrades and overseas M&amp;A, with a portion earmarked to reinforce the balance sheet and corporate flexibility.</li>
<li>With media reports suggesting a $3B+ IPO size and potential launch in September, coupled with gold rallying above $3,600/oz, investor appetite around the listing is notably heightened.</li>
</ul>


Zijin Mining is spinning off its seven overseas gold mines into Zijin Gold International, creating a dedicated, pure-play gold producer and positioning it for a Hong Kong IPO.
The IPO proceeds will primarily fund mine upgrades and overseas M&amp;A, with a portion earmarked to reinforce the balance sheet and corporate flexibility.
With media reports suggesting a $3B+ IPO size and potential launch in September, coupled with gold rallying above $3,600/oz, investor appetite around the listing is notably heightened.


Zijin Gold International – Creating a Global Pure-Play Gold Champion

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.

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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.</li>
<li>On the placements front, deals continue to flow through as the market remains receptive. </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,  a few US$1bn+ IPOs are said to be looking to launch later this month, across regions.
On the placements front, deals continue to flow through as the market remains receptive. 


ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.</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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 5th.
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, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl, Shandong Gold Mining, Horizon Robotics, ZTE, China Hongqiao, Kuaishou.


HK Connect Flows Weekly (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

Commodities

<ul>
<li>What is Happening: VanEck shifts GDX’s US$19.5bn benchmark to MVGDX on 19 Sept 2025, cutting constituents from ~62 to 44 with stricter purity and liquidity rules.</li>
<li>Impact: Estimated US$10bn turnover; Zijin excluded, Pan American added, Amman included short-term but copper-driven revenue mix riks future exclusion under MVGDX’s ≥50% threshold.</li>
<li>What to Do: Fade Zijin’s mechanical exclusion, stay cautious on Amman, and rotate into high-purity beneficiaries (Agnico Eagle, Pan American Silver, Shandong Gold) likely to gain weight.</li>
</ul>


What is Happening: VanEck shifts GDX’s US$19.5bn benchmark to MVGDX on 19 Sept 2025, cutting constituents from ~62 to 44 with stricter purity and liquidity rules.
Impact: Estimated US$10bn turnover; Zijin excluded, Pan American added, Amman included short-term but copper-driven revenue mix riks future exclusion under MVGDX’s ≥50% threshold.
What to Do: Fade Zijin’s mechanical exclusion, stay cautious on Amman, and rotate into high-purity beneficiaries (Agnico Eagle, Pan American Silver, Shandong Gold) likely to gain weight.


VanEck GDX Benchmark Switch: Implications for Zijin and Amman

China

Shandong Gold Mining Co., Ltd. operates gold mining and production businesses. The Company provides gold exploration, processing, and outsourcing gold smelting services. Shandong Gold Mining also conducts gold jewelry purification and non-ferrous metal production businesses.

Price Gauge
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Shandong Gold Mining (1787 HK)

Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Anglo and Teck aim to unite in a $53 billion copper powerhouse, boosting scale, defending against rivals, while navigating regulatory and...

Mint Finance

Zijin Gold International – Creating a Global Pure-Play Gold Champion

Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...

Rahul Jain

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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 (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

VanEck GDX Benchmark Switch: Implications for Zijin and Amman

VanEck shifts GDX benchmark to MVGDX, impacting turnover and constituent selection. Watch Zijin, Amman, and consider high-purity beneficiaries for...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Anglo-Teck Merger: Scaling Up to Fortify Copper Empire

Anglo and Teck aim to unite in a $53 billion copper powerhouse, boosting scale, defending against rivals, while navigating regulatory and...

Mint Finance

Zijin Gold International – Creating a Global Pure-Play Gold Champion

​Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...

Rahul Jain

ECM Weekly (8 September 2025)- Metaplanet, Lifedrink, Koei, Hesai, Orion, Myungin, Hesai, Chery

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 (Sep 5th): Alibaba, Ping An Insurance, Xiaomi, Tencent, Pop Mart Intl

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Ping An Insurance (2318 HK), Xiaomi...

Ke Yan, CFA, FRM

VanEck GDX Benchmark Switch: Implications for Zijin and Amman

​VanEck shifts GDX benchmark to MVGDX, impacting turnover and constituent selection. Watch Zijin, Amman, and consider high-purity beneficiaries for...

Rahul Jain

Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...

VanEck shifts GDX benchmark to MVGDX, impacting turnover and constituent selection. Watch Zijin, Amman, and consider high-purity beneficiaries for...