Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<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, all of the listings this week ended up doing well.</li>
<li>On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.</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, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.


ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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

Zijin Gold International / Index Rebalance

<ul>
<li>In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in Q3.</li>
<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> will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.</li>
<li>There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.</li>
</ul>


In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the HKEX (388 HK) in Q3.

Zijin Gold (2259 HK) will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.
There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.


HSCI Index Rebalance Preview: Potential Inclusions in December

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Labubu craze has resulted in a ~200% increase in <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a>’s shares YTD. <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a>'s TOP TOY will be wanting to cash in on this exuberance.</li>
<li>Those who want to buy <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial (8729 JP)</a> may wait until earnings. If shares stayed flat for a month until earnings came out, don't short the eve of earnings.</li>
<li>
<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 (2899 HK)</a> is fully valued as <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> trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. </li>
</ul>


The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. MINISO (9896 HK)'s TOP TOY will be wanting to cash in on this exuberance.
Those who want to buy Sony Financial (8729 JP) may wait until earnings. If shares stayed flat for a month until earnings came out, don't short the eve of earnings.

Zijin Mining Group (2899 HK) is fully valued as Zijin Gold (2259 HK)  trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. 


Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental

<ul>
<li>As <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 share price defies gravity, so does <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>'s.</li>
<li>Full disclosure: I misread the room. I thought Zijin Gold was fully priced at HK$71.59/share. As was Zijin Mining. Zijin Gold is now up 92% and Zijin Mining 20%.</li>
<li>Zijin Gold currently trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. </li>
</ul>


As Zijin Gold (2259 HK)'s share price defies gravity, so does Zijin Mining Group Co Ltd H (2899 HK)'s.
Full disclosure: I misread the room. I thought Zijin Gold was fully priced at HK$71.59/share. As was Zijin Mining. Zijin Gold is now up 92% and Zijin Mining 20%.
Zijin Gold currently trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. 


Zijin Mining (2899 HK): Where To From Here?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

Equity Bottom-Up

Zijin Gold International / Equity Bottom-Up

<ul>
 <li>Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.</li>
 <li>The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, <a href="https://smartkarma.com/entities/zijin-gold-international">Zijin Gold</a>, in Hong Kong to attract global investors.</li>
 <li>While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is strategically focused on expanding its international footprint through acquisitions and organic growth, particularly in gold and copper.
  The company is capitalizing on high commodity prices, especially for gold, to fuel its growth and is undertaking a significant corporate action by spinning off its international gold assets into a separately listed entity, Zijin Gold, in Hong Kong to attract global investors.
  While demonstrating strong financial performance and production growth, the company faces challenges related to geopolitical risks, resource nationalism, and the inherent volatility of commodity markets. A key focus for the future is balancing its aggressive expansion with sustainable and responsible mining practices.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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)

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

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

HSCI Index Rebalance Preview: Potential Inclusions in December

Zijin Gold will be added to the HSCI on 16 Oct and should be added to StockConnect on 27 Oct. There could be 4 (maybe 5) adds to the HSCI in Dec. 3...

Brian Freitas

Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/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

Zijin Mining (2899 HK): Where To From Here?

Zijin Mining is overvalued here. The pushback? Momentum - in both Zijin Mining/Gold - is the proverbial freight train. I'd be taking down borrow...

David Blennerhassett

Primer: Zijin Gold (2259 HK) - Sep 2025

Zijin Mining Group is a leading global mining company with a significant presence in gold, copper, and zinc production. The company is...

αSK Primers

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