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 Sep 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso, Shandong Gold Mining.


HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Our base case valuation of Zijin Gold suggests implied EV of US$40.4 billion and market cap of US$42.9 billion.</li>
<li>Our EV/EBITDA valuation multiple of 14.3x is based on a 50% premium to the comps' valuation multiple in 2026. </li>
<li>We believe a 50% premium valuation to the comps' average EV/EBITDA multiple is appropriate for Zijin Gold mainly due its higher sales growth, EBITDA margins, and ROE than the comps. </li>
</ul>


Our base case valuation of Zijin Gold suggests implied EV of US$40.4 billion and market cap of US$42.9 billion.
Our EV/EBITDA valuation multiple of 14.3x is based on a 50% premium to the comps' valuation multiple in 2026. 
We believe a 50% premium valuation to the comps' average EV/EBITDA multiple is appropriate for Zijin Gold mainly due its higher sales growth, EBITDA margins, and ROE than the comps. 


APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<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> is looking to raise US$3.2bn in its upcoming HK IPO.</li>
<li>It s 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 looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Zijin Gold (2259 HK) is looking to raise US$3.2bn in its upcoming HK IPO.
It s a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Supply-Constrained asset: Mine output is growing &lt;1% CAGR and recycling is flat, leaving gold’s supply side structurally inelastic.</li>
<li>Demand shifting institutional: Jewellery’s share is falling below 30% by 2030, while central banks and ETFs could account for ~70% of demand.</li>
<li>Macro-Driven pricing: Gold trades as a reserve asset, with real rates setting the ceiling — scenarios range from $2,800/oz (bear) to $7,500/oz (bull).</li>
</ul>


Supply-Constrained asset: Mine output is growing &lt;1% CAGR and recycling is flat, leaving gold’s supply side structurally inelastic.
Demand shifting institutional: Jewellery’s share is falling below 30% by 2030, while central banks and ETFs could account for ~70% of demand.
Macro-Driven pricing: Gold trades as a reserve asset, with real rates setting the ceiling — scenarios range from $2,800/oz (bear) to $7,500/oz (bull).


Gold 2030: Strategic Floor, Uncertain Ceiling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming 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 looked at the company's past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming 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 looked at the company's past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.


Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

China

Shandong Gold Mining Co., Ltd. mines, produces, and processes gold, silver, and sulphur.

Shandong Gold Mining Co., Ltd (600547 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shandong Gold Mining Co., Ltd (600547 CH)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Zijin Gold IPO Valuation Analysis

Zijin Gold announced it is seeking to raise HK$24.98bn through an IPO in HK. The company is offering 349 million shares at HK$71.59 each. IPO will...

Douglas Kim

Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Zijin Gold is looking to raise US$3.2bn in its upcoming HK IPO. We have looked at the company’s past performance in our previous notes. In this...

Nicholas Tan

Gold 2030: Strategic Floor, Uncertain Ceiling

Gold supply is limited, demand is shifting towards institutions, and macro factors will drive pricing between $2,800 and $7,500 per ounce.

Rahul Jain

Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Alibaba, China Pacific Insurance, Tencent, Bidu, Akeso

We analyzed the latest HK SFC report for aggregate short position as of Sep 12th and highlight short interest changes in Alibaba, China Pacific...

Ke Yan, CFA, FRM

Zijin Gold IPO Valuation Analysis

Zijin Gold announced it is seeking to raise HK$24.98bn through an IPO in HK. The company is offering 349 million shares at HK$71.59 each. IPO will...

Douglas Kim

Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Zijin Gold is looking to raise US$3.2bn in its upcoming HK IPO. We have looked at the company’s past performance in our previous notes. In this...

Nicholas Tan

Gold 2030: Strategic Floor, Uncertain Ceiling

​Gold supply is limited, demand is shifting towards institutions, and macro factors will drive pricing between $2,800 and $7,500 per ounce.

Rahul Jain

Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Gold supply is limited, demand is shifting towards institutions, and macro factors will drive pricing between $2,800 and $7,500 per ounce.