Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.</li>
<li>The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.</li>
<li>We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 65.7% as of Dec 19th.
The average A-H premium changed by 2.0ppt week-on-week, led by consumer discretionary, information technology, utilities.
We highlight weekly changes in A-H premium for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric.


A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 12th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Xiaomi, Alibaba, ZTE, Ke, Petrochina.


HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.</li>
<li>Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.</li>
<li>Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.</li>
</ul>


Dilution: The gold IPO trims attributable EBITDA by ~3% as minority interests rise.
Parent Impact: Zijin parent emerges leaner, with net debt falling by US$4bn and copper now ~70% of EBITDA.
Valuation: At ~7× EV/EBITDA, the stock offers 15–30% upside on our estimates, stretching to 25–45% at spot.


Zijin Mining: Gold IPO De-Risks, Copper Upside Remains

<ul>
<li>5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.</li>
<li>Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.</li>
<li>Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x</li>
</ul>


5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&amp;A and low-cost execution.
Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Gold International spin-off by late 2025.
Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x


Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

<ul>
<li>Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.</li>
<li>We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.</li>
<li>Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.</li>
</ul>


Zijin Mining delivered a strong H1 2025 with net profit up 55% YoY, comfortably ahead of guidance.
We have raised FY25–27 earnings by 20–25%, with further upside optionality from the planned Zijin Gold spin-off.
Trading at ~11.4x 2026E P/E and ~10.3x 2027F, with EV/EBITDA at 6.3x and 5.8x respectively, Zijin’s valuations remain undemanding—supporting a bullish, accumulate stance.


Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

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Zijin Mining Group (2899 HK)

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

Zijin Mining: Gold IPO De-Risks, Copper Upside Remains

Zijin's gold IPO slightly reduces att. EBITDA, but parent company sees positive impact with lower debt and increased focus on copper, offering...

Rahul Jain

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

Zijin Gold International is preparing a Hong Kong IPO in September 2025, targeting US$2 billion. It filed its A1 application on 30 June, and on 26...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Dec 19th): BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai Electric

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, Anjoy Foods, Cosco Shipping Development, Shanghai...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xiaomi, Alibaba, ZTE, Ke, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Dec 12th and highlight short interest changes in Xiaomi, Alibaba, ZTE, Ke,...

Ke Yan, CFA, FRM

Zijin Mining: Gold IPO De-Risks, Copper Upside Remains

​Zijin's gold IPO slightly reduces att. EBITDA, but parent company sees positive impact with lower debt and increased focus on copper, offering...

Rahul Jain

Zijin Mining Group: Undervalued, Diversified, and Scaling Fast

In May 2025, Zijin Mining considered halting operations at its Kyzyl-Tashtyg zinc-lead mine in Russia due to sanctions and banking restrictions,...

Rahul Jain

Zijin Mining (2899 HK | 601899 CH) H1 2025: Profit Beats, Estimates Raised on Gold & Copper

Zijin Gold International is preparing a Hong Kong IPO in September 2025, targeting US$2 billion. It filed its A1 application on 30 June, and on 26...

Rahul Jain

Zijin's gold IPO slightly reduces att. EBITDA, but parent company sees positive impact with lower debt and increased focus on copper, offering...