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

<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, <a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold</a> appears to be shining bright.</li>
<li>On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.</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, Zijin Gold appears to be shining bright.
On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.


ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<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 a global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It has launched an HKEx IPO to raise US$3.2bn.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-phip-updates-support-the-investment-thesis" target="_blank" data-smartkarma-citation="insights:201970" rel="noopener">Zijin Gold IPO: PHIP Updates Support the Investment Thesis</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Zijin Gold IPO (2259 HK): Valuation Insights

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Zijin Gold suggests implied EV of US$40.4 billion and market cap of US$42.9 billion.</li>
<li>Our EV/EBITDA valuation multiple of 14.3x is based on a 50% premium to the comps' valuation multiple in 2026. </li>
<li>We believe a 50% premium valuation to the comps' average EV/EBITDA multiple is appropriate for Zijin Gold mainly due its higher sales growth, EBITDA margins, and ROE than the comps. </li>
</ul>


Our base case valuation of Zijin Gold suggests implied EV of US$40.4 billion and market cap of US$42.9 billion.
Our EV/EBITDA valuation multiple of 14.3x is based on a 50% premium to the comps' valuation multiple in 2026. 
We believe a 50% premium valuation to the comps' average EV/EBITDA multiple is appropriate for Zijin Gold mainly due its higher sales growth, EBITDA margins, and ROE than the comps. 


APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<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 looking to raise US$3.2bn in its upcoming HK IPO.</li>
<li>It s a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



Zijin Gold (2259 HK) is looking to raise US$3.2bn in its upcoming HK IPO.
It s a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.</li>
<li>Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.</li>
<li>Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.</li>
</ul>


Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.
Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.
Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.


Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

Hong Kong

Zijin Gold is a leading gold mining company formed by combining all the gold mines of Zijin Mining (ZM), located outside of China. Leveraging ZM’s competitive advantage in management of exploration, development and operation of low-grade and refractory resources, ZG has emerged as a global leading and market-oriented gold mining company, vertically integrated through the value chain.

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Zijin Gold (2259 HK)

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

Zijin Gold IPO Valuation Analysis

Zijin Gold announced it is seeking to raise HK$24.98bn through an IPO in HK. The company is offering 349 million shares at HK$71.59 each. IPO will...

Douglas Kim

Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Zijin Gold is looking to raise US$3.2bn in its upcoming HK IPO. We have looked at the company’s past performance in our previous notes. In this...

Nicholas Tan

Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (22 September 2025)- Chery, Zijin Gold, Orion, Myungin, Urban, Avepoint, Dongfang

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

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

Zijin Gold IPO Valuation Analysis

Zijin Gold announced it is seeking to raise HK$24.98bn through an IPO in HK. The company is offering 349 million shares at HK$71.59 each. IPO will...

Douglas Kim

Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group

Zijin Gold is looking to raise US$3.2bn in its upcoming HK IPO. We have looked at the company’s past performance in our previous notes. In this...

Nicholas Tan

Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

​Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...

Rahul Jain

Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...