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.

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<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> raised US$3.2bn from its Hong Kong IPO in September 2025 via a primary offering of HKD71.59/share in its IPO. </li>
<li>The lockup on its cornerstone investors is set to expire soon.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Zijin Gold (2259 HK) raised US$3.2bn from its Hong Kong IPO in September 2025 via a primary offering of HKD71.59/share in its IPO. 
The lockup on its cornerstone investors is set to expire soon.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Zijin IPO Lockup- Some Cornerstones Could Be Sellers in the US$4bn Lockup Release

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>The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.</li>
<li>For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.</li>
<li>The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.</li>
</ul>


The review period for the March rebalance of this global index ended 31 December, the changes should be announced on 20 February and implemented at the close on 20 March.
For Asia Pac ex Japan, we forecast 266 changes (adds, deletes, migrations) for the index. Of those, 63 stocks could have over US$20m to trade from passive trackers.
The forecast passive buys have outperformed the headlines indices in all major markets and there could be some profit-taking following announcement of the changes.


Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in March 2026.</li>
<li>The index changes are expected to be confirmed on 13th February 2026.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in March 2026.
The index changes are expected to be confirmed on 13th February 2026.


Quiddity Leaderboard Hang Seng Index Mar26: Zijin Gold, BeOne, XPeng Among Our Top 10 Picks

<ul>
<li>There could be 3 constituent changes for the <a href="https://www.smartkarma.com/entities/ishares-china-large-cap-etf" target="_blank" data-smartkarma-citation="entities:766:1" rel="noopener">iShares China Large-Cap (FXI) (FXI US)</a> ETF in March. With two weeks left in the review period, that number could change.</li>
<li>There will be multiple inflows for <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> over the next few months, and this inclusion will take place simultaneously with inclusion in a global index.</li>
<li>The forecast adds are up over the last year and trading at/near their highs. The forecast deletions are trading higher from a year ago but down from the highs.</li>
</ul>


There could be 3 constituent changes for the iShares China Large-Cap (FXI) (FXI US) ETF in March. With two weeks left in the review period, that number could change.
There will be multiple inflows for Zijin Gold (2259 HK) over the next few months, and this inclusion will take place simultaneously with inclusion in a global index.
The forecast adds are up over the last year and trading at/near their highs. The forecast deletions are trading higher from a year ago but down from the highs.


FXI Rebalance Preview: Three Changes Likely in March

<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> listed on 30 September and was added to the HSCI via Fast Entry in October and to the MGlobal Index in November.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> was added to Southbound Stock Connect in mid-October and mainland investors now own 25% of the current float.</li>
<li>Cornerstone lock-up expiry on 29 March increases free float significantly. There will be index inclusions in March/June and index upweights in May/June. There could be over US$1.5bn to buy.</li>
</ul>



Zijin Gold (2259 HK) listed on 30 September and was added to the HSCI via Fast Entry in October and to the MGlobal Index in November.

Zijin Gold was added to Southbound Stock Connect in mid-October and mainland investors now own 25% of the current float.
Cornerstone lock-up expiry on 29 March increases free float significantly. There will be index inclusions in March/June and index upweights in May/June. There could be over US$1.5bn to buy.


Zijin Gold (2259 HK): Lock-Up Expiry and Index Inclusions/Upweights; US$1.5bn to Buy by June

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.

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

Zijin Gold International (2259 HK)

Aequitas: Zijin IPO Lockup- Some Cornerstones Could Be Sellers in the US$4bn Lockup Release

Zijin Gold raised US$3.2bn from its Hong Kong IPO in September 2025 via a primary offering of HKD71.59/share in its IPO. The lockup on its...

Nicholas Tan

Asia Pac: (Forecast) Global Index Changes in March as Adds Outperform Bigly

There will be over 250 changes in AP for a global index in March. The large adds have outperformed their country indices over the last few months...

Brian Freitas

Quiddity Leaderboard Hang Seng Index Mar26: Zijin Gold, BeOne, XPeng Among Our Top 10 Picks

Our Top 10 Picks have outperformed the Hang Seng index on average by +2.6% from 12th January 2026 to 9th February 2026. The ADDs/DELs and...

Janaghan Jeyakumar, CFA

FXI Rebalance Preview: Three Changes Likely in March

We currently forecast 3 changes for the ETF in March. Given market volatility, that number could increase in the next 2 weeks. Zijin Gold is also...

Brian Freitas

Zijin Gold (2259 HK): Lock-Up Expiry and Index Inclusions/Upweights; US$1.5bn to Buy by June

Zijin Gold (2259 HK) is up 23% in the last 3 trading sessions and up 73% this calendar year. With gold prices up another 5% overnight, the stock...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)