Riding the Gold Bull Market, Zijin Gold International Soars 66% on IPO Day

TradingKey - Zijin Gold International, the overseas gold asset platform of China’s largest mining company Zijin Mining, made its debut on the Hong Kong Stock Exchange on September 30. As of this report, its shares had surged 66% to HK$119, pushing its market capitalization to HK$300 billion (approximately $38.6 billion) — surpassing Chilean mining giant Antofagasta and positioning itself as one of the world’s most valuable gold companies.

[Source: Google Finance]

The IPO raised a total of $3.2 billion, making it the largest global initial public offering since May and the second-largest in Hong Kong this year after CATL.

Fueled by persistently strong gold prices, the gold sector has gained significant investor favor. Over the past two years, international gold prices have doubled, driving broad valuation increases across global gold mining firms.

“Zijin Gold International has clearly chosen the optimal window to go public,” said Michelle Leung, analyst at Bloomberg Intelligence. Notably, the IPO was priced with an approximately 26% discount to its peers, further enhancing its appeal.

Strong subscription demand was backed by a roster of top-tier cornerstone investors, including GIC (Singapore’s sovereign wealth fund), Hillhouse Investment, BlackRock, Fidelity International, and Millennium Management. Together, they subscribed for nearly half of the offered shares, with a minimum six-month lock-up, signaling strong confidence in the company’s fundamentals.

Zijin Gold International primarily manages Zijin Mining’s overseas gold assets in Central Asia, Australia, Africa, and South America, and ranks among the fastest-growing gold producers globally.

The company plans to use part of the IPO proceeds to acquire a mine in Kazakhstan and invest in upgrades and new construction at existing operations over the next five years to further expand production capacity.

This successful listing marks a major milestone in Zijin Mining’s global expansion strategy and delivers a boost to Hong Kong’s capital markets. After several years of weak IPO activity, the Hong Kong Stock Exchange is now on track to exceed $26 billion in total IPO fundraising for 2025 — the highest level in four years.