Hong Kong, September 30, 2025 — Zijin Gold International Co., Ltd. (“Zijin Gold International”, stock code: 2259) has been listed on the Main Board of the Hong Kong Stock Exchange (HKEX), raising HK$25 billion in the largest gold mining initial public offering (IPO) globally.
The flotation marks Zijin’s third strategic financing milestone after its H-share listing in 2003 and A-share listing in 2008, and heralds a new phase in its global strategy.
Positioned as a pure-play global gold company, Zijin Gold International provides an avenue for investors worldwide to capitalize on the growth of the gold industry, while enabling Zijin to optimize its portfolio structure and unlock value across its overseas gold operations.
Strong Debut: Significant over-subscription and multiple records
Against a backdrop of record gold prices, the IPO drew exceptional demand:
- International offering: 20.4x subscribed (33.4x excluding cornerstone investors)
- Hong Kong public offering (retail investors): 240.7x subscribed
- Preferential offering to existing shareholders: 22.4x subscribed
Without exercising the over-allotment option, Zijin Gold International issued approximately 349 million shares at HK$71.59 per share, raising roughly HK$25 billion. On that basis, the company’s market capitalization at listing was HK$187.9 billion. If the over-allotment option is fully exercised, the final issue size would increase to about 401 million shares, with gross proceeds of around HK$28.7 billion.
The company’s shares opened significantly higher and, by midday, traded 60.78% above the offer price, lifting its market value above HK$300 billion.
According to its prospectus, the proceeds will be used to upgrade and build existing mines, fund exploration programs, and pay the consideration for the acquisition of the Raygorodok Gold Mine in Kazakhstan.
The offering attracted 26 cornerstone investors—including leading institutions like GIC, Hillhouse, BlackRock, Schroders, Perseverance Asset Management, Fidelity International, Greenwoods, Baillie Gifford, UBS, CPIC, and Taikang—who together subscribed for shares worth US$1.6 billion (HK$12.5 billion), representing 49.9% of the global offering. Morgan Stanley and CITIC Securities acted as Joint Sponsors and Joint Global Coordinators.
The flotation set several records: the largest IPO to date in the global gold mining sector, the largest overseas listing by a Chinese mining company, and the second-largest offering worldwide in 2025.
Completed in only five months, the spin-off and listing of Zijin Gold International—initiated by Zijin at the end of March—underscores Zijin’s execution efficiency. This remarkable speed was achieved despite the transaction's immense complexity, involving assets spanning 4 continents and 8 countries. In addition, coordination with 2 joint sponsors and 13 law firms was required. The successful listing, from the first indicative announcement on April 30 to its completion, also represents two landmark achievements: the first A-share listed gold miner filing for an H-share spin-off and flotation, and the first gold spin-off by a large global mining company.
Strategic rationale: Hong Kong listing to unlock value
As Zijin’s gold mining arm outside of China, Zijin Gold International is engaged in gold resource exploration, mining, refining, and sales. It currently holds interests in eight gold mines across Central Asia, South America, Oceania, and Africa. In June, Zijin announced a US$1.2 billion acquisition of the Raygorodok Gold Mine in Kazakhstan, with transaction close progressing well.
Chen Jinghe, Chairman of Zijin Mining, said: “The spin-off and listing of our overseas gold segment in Hong Kong is a major strategic decision. Zijin needs a highly competitive, international capital platform. Hong Kong, an international financial center operating under global rules and the best-performing capital market worldwide this year—was our natural choice.”
Mr. Chen highlighted the key role of capital markets in Zijin’s leapfrog growth:
“From an initial market cap of HK$4.3 billion at issuance, support from both the H-share and A-share markets helped propel Zijin into a fast lane of growth. Today, Zijin’s total market cap stands at nearly HK$850 billion—a nearly 200-fold increase, earning us the reputation as a ‘capital market legend.’”
He added that, amid heightened global uncertainty and excess liquidity, gold, both a financial instrument and a commodity, is highly sought after. Zijin Gold International offers strong, sustained growth potential. Its Hong Kong listing will boost the company’s growth and provide Zijin with a separate financing platform that will strengthen its financial toolkit, helping reduce leverage and increasing M&A flexibility.
Mr. Chen also noted that as a diversified miner, Zijin trades at a discount compared to peers despite its impressive performance, making it an attractive stock. The active participation of leading global investors in the Hong Kong offering, and the fact that Zijin’s H-share trades above its A-share prices, testify to strong recognition in the international market. As the controlling shareholder, Zijin will share in Zijin Gold International’s growth and may also benefit from a potential re-rating of its own market value.
From April 30 to September 29, Zijin’s A-share price rose 67.2% and H-shares rose 94.4% (vs. the Shanghai Composite Index +17.8% and Hang Seng Index +20.4%).
The group now ranks 15th among all 5,429 A-share companies and stands among the top three global mining companies, following a rise in market capitalization of over RMB 310 billion to a RMB 768.3 billion (approximately US$108.1 billion).
Institutional research has also been supportive. Morgan Stanley said in a recent note that in a global re-rating of gold equities, producers with clear volume growth and cost advantages will command valuation premiums. And Zijin Gold International offers the market a scarce investment target.
Citi observed that Zijin’s valuation trails copper and gold peers—likely due to a conglomerate discount—and that the Hong Kong listing of its overseas gold assets could catalyze a revaluation. Other analyses suggest the spin-off will shift Zijin’s valuation framework toward international standards, better reflecting the true value of its gold assets.
Backed by favorable gold fundamentals and strong recognition in the capital markets, Zijin Gold International will drive rapid production growth through both organic expansion and acquisitions, underpinned by its operational efficiency, cost advantages and a clear growth path. This will further strengthen its position in the global gold mining industry and enable investors to benefit from both strong growth potential and stable shareholder returns. Additionally, the company will help significantly enhance Zijin’s brand and influence in international capital markets and attract more long-term global investors.