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.

Equity Capital Markets

Shanjin International Gold-A / Equity Capital Markets

<ul>
<li>Shanjin International Gold is seeking an A+H listing. CITIC, CICC, and UBS are the sponsors.</li>
<li>We look at the company's core segments: gold and non-ferrous metals mining and metal trading.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Shanjin International Gold is seeking an A+H listing. CITIC, CICC, and UBS are the sponsors.
We look at the company's core segments: gold and non-ferrous metals mining and metal trading.
We discuss our preliminary thoughts on the company's valuation based on A-H premium.


Shanjin International Gold (山金国际) A+H Pre-IPO: Early Thoughts

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanjin-international-gold-a" target="_blank" data-smartkarma-citation="entities:16535:1" rel="noopener">Shanjin International Gold-A (000975 CH)</a>, a leading gold producer in China, aims to raise up to US$700m in its H-share listing.</li>
<li>It is a leading gold producer in China primarily engaged in the exploration, mining, and processing of gold and other non-ferrous metals, alongside significant metal trading operations.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shanjin International Gold-A (000975 CH), a leading gold producer in China, aims to raise up to US$700m in its H-share listing.
It is a leading gold producer in China primarily engaged in the exploration, mining, and processing of gold and other non-ferrous metals, alongside significant metal trading operations.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shanjin International Gold A/H Listing: Low Cost Gold Miner

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook</li>
<li>Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.</li>
<li>The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.</li>
</ul>


Gold has compounded ~8–9% annually over two decades, with structural drivers — central bank demand, energy transition, and supply discipline — supporting a constructive long-term outlook
Gold equities historically show 1.5–2.5x beta to bullion with correlations of 0.6–0.8, amplifying upside in bull cycles and underperforming in downturns.
The sector has already seen a sharp run-up, but positioning, fundamentals, and macro tailwinds suggest this rally may still have legs.


Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo, TONGWEI, PETROCHINA, ZHONGJI INNOLIGHT.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo, TONGWEI, PETROCHINA, ZHONGJI INNOLIGHT.


CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<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, its has been an unsually busy start of the year and it looks set to get even busier.</li>
<li>On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.</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, its has been an unsually busy start of the year and it looks set to get even busier.
On the placements front, there were only a few deals across the region, as earnings linked blackouts are set to start rolling in.


Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

China

Shanjin International Gold Co.,Ltd. operates non-ferrous metal mining and distributing businesses. The Company mines, processes, and sells gold, tin ingot, silver, lead and zinc concentrate, and other non-ferrous metal products. Shanjin International Gold markets its products in China.

Price Gauge
52-week Range	0.00 - 0.00
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Shanjin International Gold-A (000975 CH)

Shanjin International Gold (山金国际) A+H Pre-IPO: Early Thoughts

Shanjin International Gold is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Shanjin International Gold A/H Listing: Low Cost Gold Miner

Shanjin International Gold-A plans to raise up to US$700m in H-share listing as a top gold producer in China with diverse operations.

Nicholas Tan

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

We analyzed CSI 300's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo,...

Ke Yan, CFA, FRM

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanjin International Gold (山金国际) A+H Pre-IPO: Early Thoughts

Shanjin International Gold is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Shanjin International Gold A/H Listing: Low Cost Gold Miner

​Shanjin International Gold-A plans to raise up to US$700m in H-share listing as a top gold producer in China with diverse operations.

Nicholas Tan

Asia’s Gold Miners: High-Beta Plays for Gold’s Next Surge

​Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.

Rahul Jain

CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

We analyzed CSI 300's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo,...

Ke Yan, CFA, FRM

Aequitas: ECM Weekly (19 January 2026)- Montage, Eastroc, Longcheer, Busy Ming, Sunway, Amagi, Wuxi

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

Shanjin International Gold-A plans to raise up to US$700m in H-share listing as a top gold producer in China with diverse operations.

Gold has shown consistent growth over two decades, while gold equities historically amplify bullion's performance but may still have room to run.