Zijin Gold International Targets $3.2 Billion in Hong Kong IPO

Zijin Gold International, a wholly owned subsidiary of China’s Zijin Mining, is set to launch Hong Kong’s largest initial public offering (IPO) of 2025. According to its prospectus, the gold miner aims to raise HK$24.98 billion ($3.21 billion) by selling 349 million shares at HK$71.59 each, giving the company an estimated market value of $24.1 billion. Trading is scheduled to begin on September 29.

The offering comes amid a global rally in gold prices, which have surged nearly 39% this year as investors seek safe-haven assets during economic uncertainty and low interest rate conditions. Zijin Gold, which manages all of Zijin Mining’s overseas gold operations, plans to use the funds over the next five years for mine upgrades, construction projects, and capacity expansion to strengthen production capabilities.

This IPO will surpass Chinese automaker Chery’s recent $1.2 billion share sale, making it the biggest listing in Hong Kong this year. It follows other major capital market deals in the city, including battery giant CATL’s $4.6 billion listing in May.

Strong cornerstone investor support highlights confidence in the deal. Singapore sovereign wealth fund GIC and private equity group Hillhouse each committed $150 million, while global asset managers BlackRock and Schroders subscribed for $120 million apiece. In total, cornerstone investors secured around $1.6 billion worth of shares.

Morgan Stanley and CITIC Securities are acting as joint sponsors for the offering. Zijin Mining stated that the spin-off and independent listing of Zijin Gold International will broaden financing channels and improve efficiency, positioning the company for long-term growth in the global gold sector.