来源：环球市场播报 Bain Capital GSS Investment（BCSS.U）以每股10美元定价4亿美元IPO，预计2025年9月30日开始交易。 此次发行包含4000万单位，每单位含1股A类普通股及1/5份可赎回认股权证。花旗全球市场公司担任 IPO主承销商。 ...

Group 1 - Goldman Sachs strategists predict a recovery in the European IPO market in the coming months, following a period of underperformance [1] - The report indicates that European IPO activity typically increases about three months after a rebound in the US market [1] - Positive market news and strong performance from quality issuers are expected to drive the market rebound [1] Group 2 - Verisure Plc is seeking a valuation of up to €13.9 billion (approximately $16.3 billion) through an IPO in Stockholm [3] - Other companies, including Visma, KNDS NV, and Czechoslovak Group AS, are reportedly planning to go public as early as next year [3] - The US IPO market has reportedly achieved a decisive restart in Q3, suggesting that European IPO activity may improve by the end of this year or early 2026 [3]

中新社北京9月30日电 (记者 庞无忌)紫金矿业旗下紫金黄金国际有限公司9月30日在香港联交所主板上 市。这是全球黄金开采行业规模最大的IPO(首次公开募股)，也是中国矿业企业规模最大的境外IPO。 作为紫金矿业境外黄金资产的专属平台，紫金黄金国际聚焦高潜力黄金矿山及价值被低估的低品位、难 选冶黄金矿山，在中亚、南美、非洲、大洋洲等全球核心成矿带布局了8座金矿。招股公告披露，紫金 黄金国际此次募资主要用于现有矿山的升级及建设、探矿增储以及支付收购哈萨克斯坦Raygorodok金矿 相关款项。 紫金黄金国际上市当日开盘股价高开，截至中午收盘较发行价上涨逾60%，市值突破3000亿港元。(完) 【编辑:胡寒笑】 紫金矿业董事长陈景河表示，紫金矿业把海外黄金板块分拆在香港上市，具有重大战略意义。香港作为 国际金融中心，拥有成熟的资本市场机制与全球化投资者基础。黄金兼具金融和商品属性，紫金黄金国 际具备持续高成长性，登陆港股后将加速打造具有全球竞争力的世界一流黄金企业。 据介绍，在未行使超额配股权的情况下，紫金黄金国际此次IPO共发行股份3.49亿股，每股发行价71.59 港元，募资约250亿港元，由此计算，紫金黄金 ...

格隆汇9月30日丨紫金矿业(601899.SH)公布，经香港联交所批准，公司子公司紫金黄金国际有限公司 (以下简称"紫金黄金国际")股票将于 2025 年 9 月 30 日在香港联交所主板正式挂牌并上市交易。紫金黄 金国际股票中文简称为"紫金黃金國際"，英文简称为"ZIJIN GOLD INTL"，股票代码为"2259"。 紫金黄金国际本次公开发售的 348,990,700 股股份(超额配售权行使前)约占紫金黄金国际本次发行完成 后总股数 2,623,990,700 股(超额配售权行使前)的13.3%，发行价格为 71.59 港元/股，募资总额约 250 亿 港元，紫金黄金国际上市时的整体市值约 1,879 亿港元。 若超额配售权悉数行使，紫金黄金国际本次公开发售股数将再增加52,348,600股至 401,339,300 股，约占 紫金黄金国际届时总股数 2,676,339,300 股的15%，募资总额约 287 亿港元；紫金矿业届时仍将持有紫 金黄金国际85%股权，并维持对紫金黄金国际的控制及财务并表。 紫金黄金国际本次发行上市获得全球投资者的踊跃认购，系迄今为止全球黄金开采行业规模最大 IPO、 中国矿 ...

（来源：吴说） 来源：市场资讯 据 CoinDesk 报道，金融科技公司 Revolut 正在评估其首次公开募股（IPO）的"双重上市"方案，将目标 市场锁定在伦敦与纽约。这一举动或将使其同时登上纽约交易所并加入英国 FTSE 100 指数。Revolut 目 前拥有约 6500 万用户，市场估值接近 750 亿美元。 ...

IPO窗口全面重启，创下2021年以来新股发行规模最大的季度。 关键要点： 5，IPO指数以17%的回报率强势超越标普500指数 6，期待已久的IPO回暖为2025年的强劲收官奠定基础 第三季度，IPO窗口终于重新开启，60家公司IPO共募集资金146亿美元，创下2021年以来新股发行规模 最大的季度。此前因宏观经济逆风而推迟的IPO，为了抓住新股发行需求激增的机会，纷纷重启甚至加 速上市。这导致7月份IPO市场稳步回升，8月份市场活跃度高于往年，9月份交易量也更加强劲。 23家公司IPO募集资金达到或超过1亿美元，创下2021年以来的新高，领涨的是一波备受瞩目的独角兽 公司。市场对成长型股票的重新燃起兴趣，使得许多这类股票的发行价高于中间价。尽管一些早期IPO 的首日表现火爆，例如估值数十亿美元的Figma创下了250%的历史性涨幅，但到了季度末，投资者的偏 好趋于理性。规模较大的发行人总体表现优于大盘，平均回报率为23%，但后市交易表现并不稳定。少 数表现强劲的微型股推动第三季度整体回报率达到31%。复兴IPO指数在第三季度上涨17%，强劲跑赢 标普500指数，这得益于增长需求和人工智能领域的利好。新SP ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The AD Index adjusted during the day, and the commodity index performed weakly. The main contract of SHFE aluminum continued to decline, with the 2511 contract closing down 0.41% at 2877. The spread between the October and November contracts turned to par, and the far - month contracts still maintained a slight contango structure. The import window remained closed, and the spot import loss narrowed by 200 to about - 1530 yuan/ton [7]. - The production of domestic bauxite in the north has not resumed, and the probability of resuming production this year is low. There is upward pressure on the price of northern bauxite, but the spot price of downstream alumina is falling, and the willingness to suppress prices is increasing. The price of imported bauxite has not changed much in the short term and is still oscillating at the bottom. Pay attention to the changes in the mining rights policy before the election in Guinea [7]. - Alumina adjusted with the sector, and the callback amplitude deepened. At this price, some manufacturers are again on the verge of profit and loss, and cost support is gradually emerging. The short - selling risk is relatively high, and it is recommended to wait and see in the short term. The trend of cast aluminum alloy continues to follow SHFE aluminum. With the peak season and the termination of the tax refund policy in the scrap aluminum industry, continue to pay attention to the strategy of going long AD and short AL [7]. - The operating capacity of electrolytic aluminum remains at a high level. The peak season of "Golden September" has arrived, but the inflection point of inventory has not appeared. With the decline in the absolute price and the pre - holiday stocking demand of aluminum processing enterprises, it is expected that the inventory pressure will be relieved. SHFE aluminum has returned to the previous oscillation range, and pay attention to the support at the 20,500 level in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **SHFE Aluminum**: The main 2511 contract of SHFE aluminum closed down 0.41% at 20,685. The 10 - 11 spread turned to par, and the import window remained closed with the spot import loss narrowing [7]. - **Bauxite**: Northern domestic bauxite production has not resumed, with low probability of resuming this year. There are both upward and downward pressures on bauxite prices. Imported bauxite is oscillating at the bottom. Pay attention to Guinea's mining rights policy [7]. - **Alumina**: It adjusted with the sector, with a deeper callback. Cost support is emerging at the price of 2877, and short - selling risk is high. Short - term waiting and seeing is recommended [7]. - **Cast Aluminum Alloy**: Its trend follows SHFE aluminum. Pay attention to the long AD short AL strategy due to the peak season and policy changes [7]. - **Electrolytic Aluminum**: Operating capacity is high. Although the peak season has arrived, the inventory inflection point is delayed. It is expected that inventory pressure will ease. Pay attention to the 20,500 support level [7]. 3.2 Industry News - **EGA's IPO**: Emirates Global Aluminium (EGA) is preparing for a potential IPO, which is expected to be one of the largest listings in the Middle East. Its valuation is estimated to be between $10 billion and $15 billion. It has entrusted several banks for the IPO and hired Rothschild as a consultant. Dubai and Abu Dhabi are competing for the listing location. The IPO will test international investors' attitude towards Middle East aluminum assets and further consolidate the UAE's position in the aluminum supply chain [8][10]. - **Japanese Aluminum Can Demand**: In 2025, the demand for aluminum cans in Japan (including domestic and imported) was about 2.091 billion, remaining the same as the previous year and staying at the 2 - billion - can level for 10 consecutive years [9]. - **Cast Aluminum Alloy Futures**: On September 22, 2025, the standard warehouse receipt generation business of cast aluminum alloy futures was officially launched. The total registered volume of cast aluminum alloy warehouse receipts on the first day was 3,878 tons, with different regional registrations [9].

Core Viewpoint - The SEC plans to introduce an "innovation exemption" rule by the end of the year, allowing cryptocurrency companies to launch new products without heavy regulatory burdens [1] Group 1: Regulatory Changes - SEC Chairman Paul Atkins announced the development of new regulatory rules for crypto assets [1] - The SEC has withdrawn multiple enforcement cases initiated under former Chairman Gensler's tenure [1] - A special task force has been established to explore new regulatory pathways for the cryptocurrency industry [1] Group 2: Market Impact - Atkins expressed a desire to increase the number of initial public offerings (IPOs) in the United States [1]

Market Overview - The market is currently positioned well, with positive earnings breath and operating leverage, alongside a weaker dollar benefiting US earnings [2][3] - Capital markets activity is increasing, with 150 IPOs and a nearly 40% rise in M&A activity, indicating a robust market environment [3] Federal Reserve Impact - The Federal Reserve's actions are seen as providing a tailwind for market growth, although there are concerns about whether the market has priced in all the good news too quickly [4][5] AI Spending and Infrastructure - There are indications of peaking AI spending, with concerns about the lack of significant adoption translating into revenue [6][8][10] - The need for improved energy infrastructure and efficiency is highlighted as a critical area for future investment, particularly in relation to AI [12][13] Investment Strategy - The company is adjusting its investment strategy by reducing exposure to private credit and increasing investments in infrastructure, which is deemed essential for supporting AI development [14] - There is a belief in maintaining a diversified investment approach, particularly favoring financials, industrials, and alternative players, as these sectors are expected to perform well [15][16]

Core Viewpoint - Andersen Group has filed for an IPO to raise up to $100 million, marking a significant step for the company founded by former Arthur Andersen leaders [1] Company Overview - Founded in 2002, Andersen Group provides independent tax, valuation, and financial consulting services to individuals, family offices, corporations, and institutional clients [1] - The company is headquartered in San Francisco, California, and operates globally [1] Financial Performance - As of June 30, 2025, Andersen Group served over 11,300 clients in the U.S., reflecting a year-over-year growth of 9% [1] - The company reported revenues of $774 million for the 12 months ending June 30, 2025 [1] IPO Details - The company plans to list on the New York Stock Exchange under the ticker symbol "ANDG" [1] - The IPO application was submitted confidentially on April 25, 2025, with pricing terms yet to be disclosed [1] - The underwriting syndicate for the IPO includes Morgan Stanley, UBS Investment Bank, Deutsche Bank, Truist Securities, and Wells Fargo Securities [1]