In today’s briefing:
- Trading Strategy of Zijin Gold on the First Day of IPO
Trading Strategy of Zijin Gold on the First Day of IPO
- Zijin Gold IPO will start trading on 30 September. Zijin Gold is aiming to raise US$3.2 billion (HK$24.98 billion) from its IPO, offering 349 million shares at HK$71.59 each.
- Our base case valuation of Zijin Gold is HK$124.7 per share (74.2% higher than the IPO price). We expect a sharply higher pop on the first day of trading.
- If its share price appreciates more than 30-50% or more, we think it is prudent to take some profits off the table (at least 25%-30% of total investment).
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