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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

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

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 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
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

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...