In today’s briefing:
- Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows
- Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- [Japan Event] Sony Financial Spin-Off Trades Monday – Fina(Ncia)L Thoughts
- Trading Strategy of Zijin Gold on the First Day of IPO
- Zijin Gold IPO (2259 HK): Trading Debut
- ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- Tekscend Photomask (429A JP) IPO: Valuation Insights
- Quiddity Leaderboard T50/100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now
- UK: Lending Looks Stimulated
- Miniso (9896 HK)’s TOP TOY Angling For Labubu Mojo
Sony Financial (8729 JP) Spinoff from Sony Group (6758 JP): Potential Index Flows
- The ex-date for Sony Financial Group (8729 JP)‘s spinoff from Sony Corp (6758 JP) is 29 September. There will be passive flows at the close on the day.
- There will be no selling from the TOPIX Index and Fglobal trackers. There will be selling from Nikkei 225 (NKY INDEX) trackers and potentially from Mglobal trackers.
- Sony Financial Group (8729 JP) has announced a buyback of up to 1bn shares (13.99% of shares out) over the next year and that will support the stock.
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.
[Japan Event] Sony Financial Spin-Off Trades Monday – Fina(Ncia)L Thoughts
- Today is the last day of trading for Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights. SFGI starts trading separately on Monday 29 Sep.
- The reference price is ¥150/share. It will likely stay in all major indices except Nikkei 225, and it likely needs low ¥160s to stay in M _ _ _.
- The estimated Div Yield is higher on SFGI than peers by a fair ways, and looks to grow, and there is a big buyback to come. I like it.
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).
Zijin Gold IPO (2259 HK): Trading Debut
- Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
- The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
- The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.
ECM Weekly (29 September 2025)- Zijin, Chery, CAREIT, Orion, Butong, Victory Giant, Northern Star
- 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, this week saw a few good listings across the region while the spotlight will be on Zijin Gold (2259 HK) in the coming week.
- On the placements front, it was a relatively quiter week, as compared to some of the more recent weekly flows.
Tekscend Photomask (429A JP) IPO: Valuation Insights
- Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$828 million). Pricing is on 30 September.
- I previously discussed the IPO in Tekscend Photomask (429A JP) IPO: The Bull Case and Tekscend Photomask (429A JP) IPO: The Bear Case.
- In this note, I present my forecasts and discuss valuation. My analysis suggests that Tekscend is attractively valued at the IPO price range compared to peer multiples.
Quiddity Leaderboard T50/100 Dec25: Tung Ho Steel TDIV Deletion In the Money Now
- The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
- In this insight, we take a look at the potential ADDs and DELs for the December 2025 index rebal event.
- Currently, we see two changes for T50 and two changes for T100 in December.
UK: Lending Looks Stimulated
- Lending activity is sustaining beyond the levels prevailing before the stamp duty tax hike distortion. Only housing transaction volumes are down, but by less than before.
- New loan rates have fallen by 23bp since then, for a 110bp cumulative fall. New rates are close to the outstanding stock. Many borrowers are refinancing for similar deals.
- Past tightening has broadly passed through, but the strength in broad money growth signals that monetary conditions are settling at a slightly stimulative setting.
Miniso (9896 HK)’s TOP TOY Angling For Labubu Mojo
- In MINISO (9896 HK)’s (Possible) TOP TOY Spin-Off Is Priced In, based on (then) available figures and applying a holding company discount, post spin-off, MINISO’s upside appeared limited.
- A listing application form has now been submitted to the HKEx, providing greater detail of TOP TOY’s finances, figures vastly different to those in MINISO’s recent segment accounts.
- The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. TOP TOY will be wanting to cash in on this exuberance.
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