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" 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 in our previous note. In this note, we will undertake a peer comparison.</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 in our previous note. In this note, we will undertake a peer comparison.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Zijin Gold is getting ready to complete its IPO in Hong Kong this year. A successful IPO of Zijin Gold could fetch as high as US$3 billion in IPO proceeds.</li>
<li>Zijin Gold had sales of US$3.0 billion (up 32.2% YoY) in 2024. Net margin increased from 14.2% in 2023 to 20.8% in 2024. </li>
<li>There has been a sharp increase in the gap between gold AISC (all-in-sustaining cost) and gold price in the past year, leading to higher profit margins of gold producers globally. </li>
</ul>


Zijin Gold is getting ready to complete its IPO in Hong Kong this year. A successful IPO of Zijin Gold could fetch as high as US$3 billion in IPO proceeds.
Zijin Gold had sales of US$3.0 billion (up 32.2% YoY) in 2024. Net margin increased from 14.2% in 2023 to 20.8% in 2024. 
There has been a sharp increase in the gap between gold AISC (all-in-sustaining cost) and gold price in the past year, leading to higher profit margins of gold producers globally. 


Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Zijin Gold International / Equity Bottom-Up

<ul>
<li>Zijin Mining is spinning off its seven overseas gold mines into Zijin Gold International, creating a dedicated, pure-play gold producer and positioning it for a Hong Kong IPO.</li>
<li>The IPO proceeds will primarily fund mine upgrades and overseas M&amp;A, with a portion earmarked to reinforce the balance sheet and corporate flexibility.</li>
<li>With media reports suggesting a $3B+ IPO size and potential launch in September, coupled with gold rallying above $3,600/oz, investor appetite around the listing is notably heightened.</li>
</ul>


Zijin Mining is spinning off its seven overseas gold mines into Zijin Gold International, creating a dedicated, pure-play gold producer and positioning it for a Hong Kong IPO.
The IPO proceeds will primarily fund mine upgrades and overseas M&amp;A, with a portion earmarked to reinforce the balance sheet and corporate flexibility.
With media reports suggesting a $3B+ IPO size and potential launch in September, coupled with gold rallying above $3,600/oz, investor appetite around the listing is notably heightened.


Zijin Gold International – Creating a Global Pure-Play Gold Champion

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" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D 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 is seeking to raise US$3 billion.  </li>
<li>Zijin Gold hold interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.</li>
<li>The investment case is bullish due to a diversified mine portfolio, strong growth, an attractive margin profile, robust cash generation, and modest leverage.</li>
</ul>



Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is seeking to raise US$3 billion.  
Zijin Gold hold interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.
The investment case is bullish due to a diversified mine portfolio, strong growth, an attractive margin profile, robust cash generation, and modest leverage.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Shandong Gold Mining / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining (1787 HK)</a> aims to raise around US$500m via a primary placement, in order to pay down debt.</li>
<li>The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt.
The H-shares are now trading at all-time highs and have been performing better than the A-shares this year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Shandong Gold Mining Placement - H-Share Running Ahead of A-Shares

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 Pre-IPO: Peer Comparison

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous note....

Nicholas Tan

Zijin Gold IPO Preview

Zijin Gold is getting ready to complete its IPO in Hong Kong this year. A successful IPO of Zijin Gold could fetch as high as US$3 billion in IPO...

Douglas Kim

Zijin Gold International – Creating a Global Pure-Play Gold Champion

Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...

Rahul Jain

Zijin Gold IPO: The Investment Case

Zijin Gold, the overseas gold segment of Zijin Mining, is seeking to raise US$3 billion. In this note, I discuss the investment case.

Arun George

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52-week Range

Market Cap (USDm)

P/E

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Zijin Gold Pre-IPO: Peer Comparison

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. We have looked at the company's past performance in our previous note....

Nicholas Tan

Zijin Gold IPO Preview

Zijin Gold is getting ready to complete its IPO in Hong Kong this year. A successful IPO of Zijin Gold could fetch as high as US$3 billion in IPO...

Douglas Kim

Zijin Gold International – Creating a Global Pure-Play Gold Champion

​Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...

Rahul Jain

Zijin Gold IPO: The Investment Case

Zijin Gold, the overseas gold segment of Zijin Mining, is seeking to raise US$3 billion. In this note, I discuss the investment case.

Arun George

Shandong Gold Mining Placement - H-Share Running Ahead of A-Shares

Shandong Gold Mining (1787 HK) aims to raise around US$500m via a primary placement, in order to pay down debt. In this note, we talk about the...

Sumeet Singh

Zijin Mining to spin off overseas gold mines into Zijin Gold International for Hong Kong IPO, with proceeds funding upgrades, M&A, and bolstering...