Daily Brief China: Idt International, Zijin Gold, Minmetals Land, Tencent, First Pacific Co, BYD, Atom Therapeutics, Pony AI, Nanjing Leads Biolabs and more

• Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold. 
• On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).
• IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone. 

• 9M 2025 unaudited results (17 Oct): 1.03 Moz gold, US$905 m profit, 26% margin; operational ramp intact despite AISC at US$1,574/oz.
• Strong listing: IPO HK$71.6 → current HK$131.3 (+83%), backed by US$1.6 bn cornerstones (GIC, BlackRock etc.).
• Valuation & risk: Trades ~8.5× EV/EBITDA; fair value HK$115–145/sh; key risks — execution, Kazakhstan policy, Colombia security.

• Minmetals Land (230 HK) has disclosed a Bermuda scheme offer from China Minmetals at HK$1.00 per share, a 104.1% premium to the last close price of HK$0.49.
• Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final. 
• No disinterested shareholder holds a blocking stake. This is a done deal in large part due to the significant takeover premium.

• China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• Of the companies that we are monitoring, none got approval.

• After suspending shares on the 30th September, SOE-Backed, Chinese property play Minmetals Land (230 HK), has now announced an Offer, by way of a Scheme buyback, from parent China Minmetals. 
• The Offer Price of HK$1/share, declared final, is a punchy 185.71% premium to last close. And also a 179% premium over the 30th June 2025 NAV. Optically, looks solid also.
• Disinterested shareholders hold 38.12%. They should be happy with terms. This should wrap up (perhaps) late February 2026. 

• In First Pacific (142 HK): Maynilad’s IPO Price Firmed, I discussed Maynilad’s upcoming IPO, a company controlled by MPIC, which in turn, is controlled by First Pacific Co (142 HK).
• Since that note, I have tracked down Maynilad’s elusive prospectus.
• This insight is largely a rehash of yesterday’s note, together with updated numbers applying prospectus figures. I thought this warranted a fresh insight as opposed to a boomerang.

• Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 
• Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.
• Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.

• Atom Therapeutics, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC is the sole sponsor.
• In this note, we look at the company’s core product, ABP-671.
• We also look at the company’s pre-IPO investors and management team.

• Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
• The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
• Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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• Nanjing Leads Biolabs (NLB HK) entered into an exclusive global license agreement with Dianthus Therapeutics to jointly advance LBL-047, a first and potentially best-in-class pre-clinical asset.
• Leads Biolabs will receive upfront and potential near-term milestone payments up to $38M and an additional $962M in total development and regulatory approval milestones and sales-based milestones across multiple indications.
• Promising autoimmune drug candidate and sufficient cash runway make Dianthus a suitable outlicensing partner for Leads Biolabs. Since LBL-047 is a pre-clinical asset, the upfront payment seems competitive.