Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Zhaojin Mining Industry H / Equity Bottom-Up

<ul>
 <li>Zhaojin Mining is poised for significant production growth, driven by the anticipated commissioning of the Haiyu Gold Mine in 2025, which is set to become China's largest single gold mine and is expected to produce 15-20 tonnes of gold annually.</li>
 <li>The company is a prime beneficiary of the strong gold price environment, which has significantly boosted revenue and profitability. Recent financial performance shows a dramatic increase in net income and margins, supported by effective cost control measures.</li>
 <li>Strategic partnership with Zijin Mining Group, which became the second-largest shareholder in 2022, enhances Zhaojin's technical and financial capabilities, de-risking its ambitious growth projects and solidifying its position as a leading domestic producer.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Zhaojin Mining is poised for significant production growth, driven by the anticipated commissioning of the Haiyu Gold Mine in 2025, which is set to become China's largest single gold mine and is expected to produce 15-20 tonnes of gold annually.
  The company is a prime beneficiary of the strong gold price environment, which has significantly boosted revenue and profitability. Recent financial performance shows a dramatic increase in net income and margins, supported by effective cost control measures.
  Strategic partnership with Zijin Mining Group, which became the second-largest shareholder in 2022, enhances Zhaojin's technical and financial capabilities, de-risking its ambitious growth projects and solidifying its position as a leading domestic producer.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Zhaojin Mining Industry H (1818 HK) - Sep 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Hang Seng Indexes announces changes to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">Hang Seng TECH Index</a>, HSIII Index and HSCI Index (among others) post market close today. </li>
<li>The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.</li>
<li>Capping will lead to most inflows to <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
</ul>


Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index and HSCI Index (among others) post market close today. 
The net round-trip trade across the stocks is estimated to be HK$35bn (US$4.5bn) with big impact in a lot of stocks.
Capping will lead to most inflows to Meituan (3690 HK) while the largest outflows will be from Alibaba Group Holding (9988 HK) and Xiaomi Corp (1810 HK). 


Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Nonferrous Mining Corp / Event-Driven

<ul>
<li>A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. </li>
<li>Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.</li>
<li>This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.</li>
</ul>


A shares were down on the week, not maintaining the month-end bounce after the long weekend. H-shares were mixed. HSCEI was slightly up. 
Net SOUTHBOUND buying was +HK23bn. SOUTHBOUND ended its consecutive post-CNY daily net buy streak on 25 March, then started a new one. No net sell days since.
This week saw a LOT of news. State Council Nine Points. CSRC draft regs and legislative work plan. Ratings agency action. Lots of movement. None of it hugely positive.


HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Shenghe Resources Holding / Index Rebalance

<ul>
<li>The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange. </li>
<li>The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.</li>
<li>In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of ChiNext and ChiNext 50 rebalance baskets.</li>
</ul>


The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange. 
The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of ChiNext and ChiNext 50 rebalance baskets.


Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Despite an overwhelming response and a 26-30% surge in the grey market, at 8.3x FY26 PER,  <a href="https://www.smartkarma.com/entities/chuangxin-industries" target="_blank" data-smartkarma-citation="entities:45636:1" rel="noopener">Chuangxin Industries (2788 HK)</a>'s IPO price does not generate much excitement for us. </li>
<li>Heavy reliance on connected transactions with the controlling shareholder, pressure on margins in the future, and a highly leveraged balance sheet are concerns. </li>
<li>We do not think it justifies trading at a premium to peers, hence, limited upside from now. The small free float, however, will increase the share price volatility.</li>
</ul>


Despite an overwhelming response and a 26-30% surge in the grey market, at 8.3x FY26 PER,  Chuangxin Industries (2788 HK)'s IPO price does not generate much excitement for us. 
Heavy reliance on connected transactions with the controlling shareholder, pressure on margins in the future, and a highly leveraged balance sheet are concerns. 
We do not think it justifies trading at a premium to peers, hence, limited upside from now. The small free float, however, will increase the share price volatility.


Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

China

Zhaojin Mining Industry Company Ltd. explores, mines, and produces gold.  The Company holds interest in properties in eastern China.

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Zhaojin Mining Industry H (1818 HK)

Primer: Zhaojin Mining Industry H (1818 HK) - Sep 2025

Zhaojin Mining is poised for significant production growth, driven by the anticipated commissioning of the Haiyu Gold Mine in 2025, which is set...

αSK

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events

Going forward, Quiddity Leaderboard for ChiNext and ChiNext 50 indices will be published on a monthly basis to help readers track the developments...

Janaghan Jeyakumar, CFA

Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Zhaojin Mining Industry H (1818 HK) - Sep 2025

Zhaojin Mining is poised for significant production growth, driven by the anticipated commissioning of the Haiyu Gold Mine in 2025, which is set...

αSK

Hang Seng Indexes: Announcement Today; Updated Flows (Some Big Ones)

Hang Seng Indexes announces post market close today. There will be changes for the HSI, HSCEI, HSTECH, HSIII and HSCI indices. The net round-trip...

Brian Freitas

HK Connect SOUTHBOUND Flows (To 12 Apr 2024); Strong Net Buying. New State Council and CSRC Plans

Strong SOUTHBOUND Connect flows continue. Only one net sell day since the end of Chinese New Year. H-shares were flat to up while A-shares were...

Travis Lundy

Quiddity Primer for ChiNext & ChiNext 50 Index Rebalance Events

Going forward, Quiddity Leaderboard for ChiNext and ChiNext 50 indices will be published on a monthly basis to help readers track the developments...

Janaghan Jeyakumar, CFA

Chuangxin Industries (2788 HK): It Doesn't Pay to Be Aggressive

​Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...

Osbert Tang, CFA

Chuangxin's IPO fails to excite despite a grey market surge, with concerns over connected transactions, margin pressure, and leverage. Limited...