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> 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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The global offering doc 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> is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0919/2025091900073.pdf" target="_blank" rel="noopener">out</a>.</li>
<li>At the IPO Price of HK$71.59/share, Zijin Gold's implied market cap is HK$187.9bn or US$24bn. Commencement of trading is the 29th September.</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 (2899 HK)</a> will hold 86.7% in Zijin Gold post-IPO (before over-allotment).  Even if Zijin Gold trades north of HK$100/share, Zijin Mining is fully valued.</li>
</ul>


The global offering doc for Zijin Gold (2259 HK) is out.
At the IPO Price of HK$71.59/share, Zijin Gold's implied market cap is HK$187.9bn or US$24bn. Commencement of trading is the 29th September.

Zijin Mining (2899 HK) will hold 86.7% in Zijin Gold post-IPO (before over-allotment).  Even if Zijin Gold trades north of HK$100/share, Zijin Mining is fully valued.


Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Gold International / 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?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is 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 and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is 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 and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.


Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is 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, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is 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, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.


Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

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)

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 Mining (2899 HK): Zijin Gold Priced At US$24bn

Zijin Mining is a short. The pushback? The market is hot for gold, with momentum on its side. Plus you have long only support

David Blennerhassett

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 Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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 Mining (2899 HK): Zijin Gold Priced At US$24bn

Zijin Mining is a short. The pushback? The market is hot for gold, with momentum on its side. Plus you have long only support

David Blennerhassett

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 Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

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