Zijin Gold International, a wholly owned subsidiary of China’s Zijin Mining, is seeking to raise HK$24.98bn through an initial public offering (IPO) in Hong Kong.
The company is offering 349 million shares at HK$71.59 each, with trading scheduled to begin on 29 September.
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The IPO will give Zijin Gold an estimated value of $24.1bn, reported Reuters.
The IPO comes at a time when gold prices, typically buoyed by low interest rates and market uncertainty, have gained nearly 39% this year.
This offering will surpass the recent $1.2bn (8.54bn yuan) IPO by Chinese automaker Chery, making it the largest in Hong Kong for 2025.
Hong Kong’s market activity has been supported by mainland-listed companies opting for share sales in the city.
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By GlobalDataZijin Gold, which manages all of Zijin Mining’s overseas gold mines, plans to use the IPO proceeds over the next five years to upgrade and build mines to enhance production capacity.
According to the prospectus, cornerstone investors have committed to purchasing approximately $1.6bn in shares.
Singapore wealth fund GIC and private equity firm Hillhouse will each acquire $150m worth of shares in the IPO.
Asset managers BlackRock and Schroders will purchase $120m worth of shares each.
Morgan Stanley and CITIC Securities are acting as the joint sponsors of the offering.
According to Zijin Mining, the spin-off and independent listing of Zijin Gold will diversify its financing channels and boost overall financing efficiency, reported EconoTimes.
In June, Zijin Mining agreed to acquire the Raygorodok gold mine in Kazakhstan for $1.2bn.
