Daily Brief Energy/Materials: Zijin Gold, Fermi, Predictive Discovery, Corteva , Polarean Imaging and more

• In a pick-up in primary market activity, there have been 25 new listings on the Main Board of the HKEX (388 HK) in Q3.
• Zijin Gold (2259 HK) will be added to the HSCI after market close on 15 October and should be added to Southbound Stock Connect from the open on 27 October.
• There could be 4 (maybe 5) additions to the HSCI Index in December and 3 of those stocks will be added to Southbound Stock Connect from the open 8 December.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, all of the listings this week ended up doing well.
• On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.

• Fermi is a pre-revenue advanced energy and hyperscaler development company structured as a Real Estate Investment Trust (REIT), planning to build one of the world’s largest data center campuses, Project Matador, with its own dedicated power grid in Texas.
• The company aims to capitalize on the exponential growth in demand for data centers driven by artificial intelligence, offering an integrated solution of up to 15 million square feet of AI computing space and up to 11 gigawatts of low-carbon, on-demand power.
• Led by a management team with deep experience in the energy and government sectors, including former U.S. Energy Secretary Rick Perry, Fermi recently completed a successful IPO, raising approximately $683 million, despite having no revenue-generating operations to date.

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• The gold rush continues as Predictive (PDI AU) and Robex (TSX-V: RBX, ASX: RXR) announce a scrip merger to form a West African mid-tier gold play.
• Via a “definitive plan of arrangement“, Robex shareholders will receive 8.667 PDI shares for every Robex share.  Upon completion, PDI will hold 51% of shares out, and Robex the remainder.
• The Cohen Group and Eglington Mining (collectively holding 25.2% of Robex) are supportive. The key condition is Robex’s shareholder vote, sometime in December, with a two-thirds threshold.

• On October 1, 2025, Corteva Biosciences (CTVA) announced that it plans to break up into two public companies.
• The logic behind the spin-off announcement is that the SpinCo has higher margins and better growth potential.

• For example, the SpinCo has grown EBITDA at a 16% CAGR since 2020 and has a 26% EBITDA margin.

• The late commercial-stage medical device Company in advanced magnetic resonance imaging (MRI) of the lungs reported interim results to June 2025 on 24th September with updated guidance for 2025.
• The Company’s Xenon MRI can provide detailed, quantifiable, crystal-clear pictures of lung imaging.
• Polarean believes that providing an enhanced picture of the lungs will help a variety of patients suffering from the many lung diseases such as asthma and cystic fibrosis.