Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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 up 101% on its 29th September listing. By my estimate, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>'s average premium to NAV since Zijin Gold's listing has been ~21%. </li>
<li>Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)'s average premium to NAV since Zijin Gold's listing has been ~21%. 
Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.</li>
<li>Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.</li>
<li>Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.</li>
</ul>


Earnings momentum accelerating driven by gold volume +20% and mine margin expansion to 60.6%, supported by disciplined cost control and strong operating cash flow.
Copper–gold dual exposure provides structural upside with spot torque to Cu ~US$10,800/t and Au ~US$4,200/oz, reinforcing earnings visibility into FY26–27.
Zijin Gold spin-off unlocks value via clean asset separation, improved capital efficiency, and SOTP rerating potential to HK$41–42/sh under spot scenario.


Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the ground with a thud.</li><li>In May 2024, summer had come early and hard to the state of Chiapas in southern Mexico.</li><li>In an ordinary year the temperature in the jungle would have topped out around 32 degrees Celsius.</li></ul>

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the ground with a thud.In May 2024, summer had come early and hard to the state of Chiapas in southern Mexico.In an ordinary year the temperature in the jungle would have topped out around 32 degrees Celsius.

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later 

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

Price Gauge
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Zijin Mining Group (601899 CH)

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Strong earnings momentum in gold and copper, with potential for increased value through Zijin Gold spin-off and improved capital efficiency.

Rahul Jain

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the...

Caixin Global

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

Zijin Mining – Structural Re-Rate Underway; Q3 Results Validate Copper–Gold Flywheel + Spin Unlock

Strong earnings momentum in gold and copper, with potential for increased value through Zijin Gold spin-off and improved capital efficiency.

Rahul Jain

CX Daily: For Wildlife That Survives the Heat, the Cost Often Comes Later

TOP STORIES In Depth: For Wildlife That Survives the Heat, the Cost Often Comes Later The monkeys fell from the trees like ripe fruit, hitting the...

Caixin Global

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), SHARETRONIC DATA...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM