In today’s briefing:
- Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- Gold 2030: Strategic Floor, Uncertain Ceiling
- Quiddity Leaderboard CSI 1000 Dec25: ~US$3bn One-Way Flows Expected
- Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
- Saatvik Green IPO – Making Hay While the Sun Shines on Valuations
- Corteva Breakup Bombshell: Seeds & Pesticides To Split?
- Helixtap China Report: China Rubber Market Outlook: Weather, Inventories, And Speculative Buying Drive Volatility
- CUU: New Target at Mineral Mountain & Plan for PFS at Van Dyke
- Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group
- California Resources’ $717 Million Buyout Of Berry: A Game-Changer Or A Gamble?
Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- Zijin Gold (2259 HK) is looking to raise up to HK$28.7bn (US$3.7bn) in its IPO, valuing the company at HK$191.6bn (US$24.6bn).
- Zijin Mining (2899 HK) will hold between 85-86.7% of Zijin Gold and that will limit the free float of the stock. Half the IPO has been allotted to cornerstones.
- Zijin Gold could be added to the HSCI via Fast Entry and to Stock Connect in October. Global index inclusion should take place in the first half of 2026.
Gold 2030: Strategic Floor, Uncertain Ceiling
- Supply-Constrained asset: Mine output is growing <1% CAGR and recycling is flat, leaving gold’s supply side structurally inelastic.
- Demand shifting institutional: Jewellery’s share is falling below 30% by 2030, while central banks and ETFs could account for ~70% of demand.
- Macro-Driven pricing: Gold trades as a reserve asset, with real rates setting the ceiling — scenarios range from $2,800/oz (bear) to $7,500/oz (bull).
Quiddity Leaderboard CSI 1000 Dec25: ~US$3bn One-Way Flows Expected
- CSI 1000 represents the next 1000 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges after CSI 800.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- Currently, we see 100 ADDs/DELs for the CSI 1000 index.
Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
- The global offering doc for Zijin Gold (2259 HK) is out.
- At the IPO Price of HK$71.59/share, Zijin Gold’s implied market cap is HK$187.9bn or US$24bn. Commencement of trading is the 29th September.
- Zijin Mining (2899 HK) will hold 86.7% in Zijin Gold post-IPO (before over-allotment). Even if Zijin Gold trades north of HK$100/share, Zijin Mining is fully valued.
Saatvik Green IPO – Making Hay While the Sun Shines on Valuations
- Time for another Solar Photovoltaic module manufacturer to list undeterred by the tepid listing for Vikram Solar
- Largely a commoditised business with a potential technological threat. Solar PV companies in India continue to trade at exceptional valuations of 20-30 times trailing EBITDA
- Saatvik, despite being smaller in scale vs peers and in face of intensifying competition is being priced at 14-15 times our FY27E EBITDA (peers trade at 14-16x)
Corteva Breakup Bombshell: Seeds & Pesticides To Split?
- Corteva Agriscience, the global agribusiness giant known for its seed and crop protection solutions, is reportedly evaluating a strategic breakup that would separate its seed and pesticide operations into two independent companies.
- The move, coming amid a record-setting first half of 2025 and growing investor interest in targeted agricultural technology, could mark a significant shift in how Corteva delivers value to shareholders.
- CEO Chuck Magro’s recent earnings call remarks emphasized that each division—Seeds and Crop Protection—has distinct growth platforms, cost structures, and operational drivers.
Helixtap China Report: China Rubber Market Outlook: Weather, Inventories, And Speculative Buying Drive Volatility
- Weather related disruption resulted in spike in prices
- Despite some restocking Tire makers remind cautious
- Market expects rebound in Chinese buying ahead of the September peak tire production period
CUU: New Target at Mineral Mountain & Plan for PFS at Van Dyke
- What you need to know: • Copper Fox reported new exploration results from its Mineral Mountain project, identifying targets consistent with a Laramide-age porphyry system, which expands the district’s scale and potential.
- • A maiden drill program is set to begin in October on a large porphyry target 1.5km north of the newly identified target.
- • Copper Fox also completed the Project Execution Plan for the Van Dyke PFS, with a decision on advancement expected in October.
Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group
- Zijin Gold (2259 HK) is looking to raise US$3.2bn in its upcoming HK IPO.
- It s a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.
California Resources’ $717 Million Buyout Of Berry: A Game-Changer Or A Gamble?
- California Resources Corporation demonstrated notable performance in the second quarter of 2025, highlighting both operational successes and strategic advancements.
- The company achieved record shareholder returns, amounting to nearly $290 million, significantly more than the free cash flow of the period.
- This was predominantly due to a strategic share repurchase from ICA that facilitated an orderly reduction in ownership.
💡 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
