In today’s briefing:
- StubWorld: PCCW’s Tenacious NAV Premium
- Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
- Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests
- SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.
- The Equity Dispatch #47: Bitmain’s Quest for a Backdoor Listing: CANG and More
StubWorld: PCCW’s Tenacious NAV Premium
- Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.
- Preceding my comments on PCCW/ HKT Ltd (6823 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Tencent (700.HK) Q2 Earnings: Rally Into Earnings on Historically Low Volatility
- Tencent approaches earnings with low volatility and steady outperformance versus HSI.
- Volatilities are historically low with an earnings release on tap.
- Options market expects a modest move despite recent Tencent momentum.
Zijin Gold Pre-IPO: Spinoff to Cater to a Shiny Gold Market
- Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn 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.
- In this note, we look at the firm’s past performance.
Innogen (银诺医药) IPO: Fairly Valued at Best and Lack of Institutional Interests
- Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
- In our previous note, we have examined the company’s core product, namely efsubaglutide alfa, updates in various filings, and our thoughts on valuation.
- In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.
SMIC (981.HK): 2Q25 Results in Line; 3Q25 May Offer Mild Upside, but GM Is Expected to Be Flattish.
- Semiconductor Manufacturing International Corp (SMIC) (981 HK) reported in-line 2Q25 results, while its 3Q25 guidance appears somewhat cautious, particularly in terms of gross margin.
- The Americas continued to contribute a low-teens percentage to revenue, accounting for 12.9% in 2Q25, while China and Eurasia comprised the remaining majority.
- Our top questions for the upcoming SMIC’s 3Q25 earnings conference call.
The Equity Dispatch #47: Bitmain’s Quest for a Backdoor Listing: CANG and More
- Bitmain is taking control of listed proxy firms in the United States. That could mean that the mining results of some proxies are overstated, and investors should avoid those companies.
- It would be easy for Bitmain, the Chinese chip designer with about 80% of the global market for Bitcoin mining gear and significant mining operations of its own,¹ to report the same mining results for more than one company.
- Many of these proxies pay Bitmain to mine on their behalf. Since Bitmain remains private, it has no responsibility to report related-party transactions.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
