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 analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.


HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

Materials| Industrials |Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.</li>
<li>He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.</li>
<li>5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.</li>
</ul>


Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.


Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.


HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

<ul>
<li>Zijin plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.</li>
<li>SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.</li>
<li>Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.</li>
</ul>


Zijin plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.
SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.
Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.


Zijin Mining (2899 HK): Fair Value Still 25% Higher Despite IPO Discount Risks

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

Amman Mineral Internasional / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.</li>
<li>The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.</li>
<li>The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) has announced a benchmark change from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index.
The benchmark change will result in a bunch of constituent and weight changes in September. Estimated one-way turnover is 16.5% resulting in a one-way trade of US$3.15bn.
The flow and turnover numbers will change following constituent and capping changes for the MarketVector Global Gold Miners Index at the September rebalance.


Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

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)

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion

Zijin acquires Kazakhstan's Raygorodok gold mine, boosting reserves and production while enhancing profitability and scale.

Rahul Jain

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

Zijin Mining (2899 HK): Fair Value Still 25% Higher Despite IPO Discount Risks

Zijin plans IPO for overseas gold unit, aiming for 85t output by 2025; stock undervalued with potential for 25-26% upside.

Rahul Jain

Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Following the benchmark change, the GDX ETF could need to buy 8 stocks and sell 26 stocks. Estimated one-way turnover is 16.5% and the round-trip...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion

​Zijin acquires Kazakhstan's Raygorodok gold mine, boosting reserves and production while enhancing profitability and scale.

Rahul Jain

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

Zijin Mining (2899 HK): Fair Value Still 25% Higher Despite IPO Discount Risks

​Zijin plans IPO for overseas gold unit, aiming for 85t output by 2025; stock undervalued with potential for 25-26% upside.

Rahul Jain

Gold Miners ETF (GDX US): Impact of Benchmark Change - Update

Following the benchmark change, the GDX ETF could need to buy 8 stocks and sell 26 stocks. Estimated one-way turnover is 16.5% and the round-trip...

Brian Freitas

Zijin acquires Kazakhstan's Raygorodok gold mine, boosting reserves and production while enhancing profitability and scale.

Zijin plans IPO for overseas gold unit, aiming for 85t output by 2025; stock undervalued with potential for 25-26% upside.