Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.</li>
<li>The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.</li>
<li>We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.</li>
</ul>


We analyse the changes of A-H premium on 155 stocks over the last week. The average A-H premium was 72.7% as of Jun 13th.
The average A-H premium changed by -5.0ppt week-on-week, led by consumer staples, energy, health care and offset by consumer discretionary, information technology.
We highlight weekly changes in A-H premium for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service, Livzon Pharmaceutical, COSCO Shipping Energy.


A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

Zijin Mining Group Co Ltd H / Equity Bottom-Up

<ul>
<li>5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.</li>
<li>Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.</li>
<li>Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x</li>
</ul>


5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.
Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.
Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x


Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Commodities

<ul>
<li>With China's slew of stimulus measures released last month, we are confident that copper prices will break 10,000 USD/ton soon. </li>
<li>The COMEX spread with LME has now started to build up to over 300 USD/ton, signaling that macro funds are getting bullish on copper.</li>
<li>We continue to like the equity route to play copper with pure plays like <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> , <a href="https://www.smartkarma.com/entities/ivanhoe-mines-ltd" target="_blank" data-smartkarma-citation="entities:25338:1" rel="noopener">Ivanhoe Mines (IVN CN)</a>, and <a href="https://www.smartkarma.com/entities/teck-resources-ltd-36dbdad5-1430-4d7a-8578-31bc50086f72" target="_blank" data-smartkarma-citation="entities:33343:1" rel="noopener">Teck Resources (TECK US)</a>.</li>
</ul>


With China's slew of stimulus measures released last month, we are confident that copper prices will break 10,000 USD/ton soon. 
The COMEX spread with LME has now started to build up to over 300 USD/ton, signaling that macro funds are getting bullish on copper.
We continue to like the equity route to play copper with pure plays like Southern Copper (SCCO US) , Ivanhoe Mines (IVN CN), and Teck Resources (TECK US).


Copper Tracker Oct 7th, 2024: Copper Set to Pass 10,000 USD/Ton

<ul>
<li>Copper retreated by more than 5% due to China's weak print on TSF. The plenum's lack of concrete stimulus measures also did not help matters. </li>
<li>Check out our initiation, <a href="https://www.smartkarma.com/insights/copper-primer-what-we-like-about-copper-and-what-to-play" target="_blank" data-smartkarma-citation="insights:141017" rel="noopener">Copper Primer: What We Like About Copper And What to Play</a>, where we provide our long-term bullish outlook on copper. </li>
<li>Also, see our initiation, <a href="https://www.smartkarma.com/insights/southern-copper-in-a-league-of-its-own" target="_blank" data-smartkarma-citation="insights:139839" rel="noopener">Southern Copper: In a League of Its Own</a>. The company reported a stellar Q2 FY24, beating the street estimates by 20%.</li>
</ul>


Copper retreated by more than 5% due to China's weak print on TSF. The plenum's lack of concrete stimulus measures also did not help matters. 
Check out our initiation, Copper Primer: What We Like About Copper And What to Play, where we provide our long-term bullish outlook on copper. 
Also, see our initiation, Southern Copper: In a League of Its Own. The company reported a stellar Q2 FY24, beating the street estimates by 20%.


Copper Tracker July 22nd, 2024: Physical/​Equity Screens And Trades, Copper Weak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of &gt;22% </li>
<li>With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of&gt; 39% across the cycle (last 15 years) and averaging 50%.</li>
<li>A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.</li>
</ul>



Southern Copper (SCCO US) in the equity space is the best way to play bullish copper long-term with its long-term (10-year) ROCE of &gt;22% 
With low-cost production assets in Peru and Mexico, the company has managed EBITDA margins of&gt; 39% across the cycle (last 15 years) and averaging 50%.
A 100% payout results in a dividend yield of 3.5%. We believe there is a price for everything, and in the event of a 20% correction, it would be attractive.


China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

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Zijin Mining Group Co Ltd H (2899 HK)

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

Copper Tracker Oct 7th, 2024: Copper Set to Pass 10,000 USD/Ton

With the slew of Chinese stimulus measures, we discuss how to play the copper price increasing beyond 10,000 USD/ton in the near-term.

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/Equity Screens And Trades, Copper Weak

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore.

Sameer Taneja

Southern Copper: In a League of Its Own

We initiate on Southern Copper (SCCO US), a high-quality copper play with assets in Peru and Mexico. Its long term ROCE >22% makes its a very...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

A-H Premium Weekly (Jun 13th): Tigermed, Bank Of Chongqing, Sinopec Oilfield Service

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Tigermed, Bank Of Chongqing, Sinopec Oilfield Service,...

Ke Yan, CFA, FRM

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

Copper Tracker Oct 7th, 2024: Copper Set to Pass 10,000 USD/Ton

With the slew of Chinese stimulus measures, we discuss how to play the copper price increasing beyond 10,000 USD/ton in the near-term.

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/​Equity Screens And Trades, Copper Weak

This brief insight summarizes Copper's performance and equities on our screens. We highlight our research and trades to explore.

Sameer Taneja

Southern Copper: In a League of Its Own

We initiate on Southern Copper (SCCO US), a high-quality copper play with assets in Peru and Mexico. Its long term ROCE >22% makes its a very...

Sameer Taneja

Copper Tracker July 22nd, 2024: Physical/Equity Screens And Trades, Copper Weak