In today’s briefing:
- Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade
- Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting
- Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- Zijin Gold IPO: Strong Cornerstone Book; Should Trade at Premium to Group
- Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?
- Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum
- Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
- EQT Partners – To Acquire a Controlling Stake In Douzone Bizon & A Tender Offer of Minority Shares?
- Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures
- Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas
Gold Miners ETF (GDX US): Benchmark Change; 8 Adds, 24 Deletes, US$12.7bn Trade
- There is 1 add for the MarketVector Global Gold Miners Index but the VanEck Gold Miners ETF will buy 8 stocks and sell 24 stocks due to a benchmark change.
- Estimated one-way turnover is 26.8% and the round-trip trade for the ETF is US$12.7bn. There are 23 stocks with over 5x ADV to trade.
- The ETF adds have underperformed the ETF sells in the last month, but a basket of ETF upweights has outperformed a basket of ETF downweights.
Chery Auto (9973 HK) IPO: No Inclusion in Global Indices; HSTECH Is Interesting
- Chery Automobile Co. Ltd. (9973 HK)‘s IPO range is HK$27.75-HK$30.75/share and will raise up to HK$10bn (US$1.3m) if the oversubscription option is exercised, valuing the company at HK$169bn (US$21.7bn).
- The stock should be added to the HSCI Index in December and that will make the stock eligible for inclusion in Southbound Stock Connect.
- There will be no inclusion in global indexes for the next year, but there is a possibility of inclusion in the Hang Seng TECH Index (HSTECH INDEX) in December.
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.
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.
Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?
- Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.
- Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.
- Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.
Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum
- PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.
- December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.
- Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.
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.
EQT Partners – To Acquire a Controlling Stake In Douzone Bizon & A Tender Offer of Minority Shares?
- It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).
- A 31.4% stake of Douzone is now worth 0.91 trillion won (with no premium or discount).
- Douzone’s chairman Kim has demanded up to twice the market cap of the company for the management rights premium.
Introducing Trading Opportunities from Newly Listed Top 3 Korea Sector ETF Futures
- New futures launched on KRX Semis, PLUS K-Defense, and SOL Shipbuilding ETFs — the first sector-focused ETFs over 1T KRW to get futures.
- All three sectors dominate Korea’s market, already absorbing liquidity, and ETF futures could trigger delta-hedge arb flows, pushing liquidity even higher.
- All three indices are top-heavy, so flows in big-weight names can create spot-futures dislocations and alpha on individual spreads—especially during early MM liquidity and aggressive basis plays.
Quiddity Leaderboard STAR 50/100 Dec25: >US$2bn Combined One-Way Flows; Exp DELs Vs Peers Pair Ideas
- STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
- STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
- In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2025 index rebal event.
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