Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>Aussie gold and copper explorer <a href="https://www.smartkarma.com/entities/gbm-resources-ltd" target="_blank" data-smartkarma-citation="entities:16326:1" rel="noopener">GBM Resources (GBZ AU)</a> has announced plans to seek a secondary listing in Hong Kong.</li>
<li>GBM has entered a memorandum of understanding with its major shareholder, Wise Walkers Limited, which will fund all listing-related expenses - to be repaid upon a successful listing.</li>
<li>The listing is, ostensibly, to "broaden its investor base"; however <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>'s barnstorming IPO debut probably spurred on this development. </li>
</ul>


Aussie gold and copper explorer GBM Resources (GBZ AU) has announced plans to seek a secondary listing in Hong Kong.
GBM has entered a memorandum of understanding with its major shareholder, Wise Walkers Limited, which will fund all listing-related expenses - to be repaid upon a successful listing.
The listing is, ostensibly, to "broaden its investor base"; however Zijin Gold (2259 HK)'s barnstorming IPO debut probably spurred on this development. 


GBM Resources (GBZ AU)'s Proposed Secondary Listing In Hong Kong

<ul>
<li>Elliott ups its stake in <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> and considers the proposed Offer to be significantly undervalues the company. </li>
<li>No matter how you slice it, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a>is trading rich. <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 trading even richer. </li>
<li>Is <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting  (GENT MK)</a>'s low-balled Offer for <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> all about securing statutory control; or is there scope for a bump now that the transaction has turned unconditional? </li>
</ul>


Elliott ups its stake in Toyota Industries (6201 JP) and considers the proposed Offer to be significantly undervalues the company. 
No matter how you slice it, Zijin Mining Group Co Ltd H (2899 HK)is trading rich. Zijin Gold (2259 HK) is trading even richer. 
Is Genting  (GENT MK)'s low-balled Offer for Genting Malaysia (GENM MK) all about securing statutory control; or is there scope for a bump now that the transaction has turned unconditional? 


Last Week In Event SPACE: Toyota Industries, Zijin Mining, Genting Malaysia, Jardine Matheson

<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 up 101% on its 29th September listing. By my estimate, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>'s average premium to NAV since Zijin Gold's listing has been ~21%. </li>
<li>Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)'s average premium to NAV since Zijin Gold's listing has been ~21%. 
Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows of Xiaomi, Pop Mart Intl, CNOOC, Meituan, Zijin Gold International.


Hong Kong Connect Flows (October): $792m Outflows from Healthcare

Hong Kong

Zijin Gold International Company Limited is a Hong Kong-based subsidiary of Zijin Mining Group, primarily engaged in the exploration, mining, processing, and sale of gold and other mineral resources. Its main products include gold bullion, gold alloy, and gold concentrate, with a focus on developing high-quality global gold assets. The company was incorporated in 2007 and is headquartered in Hong Kong.

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Zijin Gold International (2259 HK)

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

GBM Resources (GBZ AU)'s Proposed Secondary Listing In Hong Kong

There is no specific/hard catalyst here. I don't have a strong conviction on the underlying ops. But kudos for exploring this avenue - there may...

David Blennerhassett

Last Week In Event SPACE: Toyota Industries, Zijin Mining, Genting Malaysia, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

Hong Kong Connect Flows (October): $792m Outflows from Healthcare

We estimated the inflows to Hong Kong stocks from mainland investors to be USD 11bn in October and noted outflows of $792m from Healthcare sector.

Ke Yan, CFA, FRM

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