Zijin Gold Plans $3.2B Hong Kong IPO, City’s Largest Listing of 2025
Zijin Gold Targets $3.2B in Hong Kong IPO to Fund Global Mine Expansion
Zijin Gold International, a wholly owned subsidiary of China’s Zijin Mining, is seeking to raise HK$24.98 billion (US$3.2 billion) through an initial public offering (IPO) in Hong Kong, according to its prospectus released Friday. The deal is set to be the city’s largest listing of the year.
The company will sell 349 million shares at an offer price of HK$71.59 each, giving Zijin Gold a valuation of about US$24.1 billion. Trading is scheduled to begin on the Hong Kong Stock Exchange on September 29, 2025.
The offering comes as gold prices have surged nearly 39% year-to-date, driven by expectations of lower interest rates and heightened global uncertainty. Historically, gold has benefited as a safe-haven asset in such conditions, creating favorable momentum for the IPO.
Zijin Gold’s deal will surpass this week’s listing by Chinese automaker Chery, which sought to raise up to US$1.2 billion, making it Hong Kong’s largest IPO so far in 2025.
The Hong Kong capital market has recently been dominated by share sales from mainland-listed companies. Earlier this year, battery giant CATL raised US$4.6 billion in a secondary Hong Kong listing, previously the city’s largest of 2025.
According to the prospectus, Zijin Gold plans to allocate IPO proceeds over the next five years toward upgrading and expanding its global mining operations, with a focus on boosting production capacity at existing sites.
The deal has attracted strong cornerstone demand. Investors have subscribed for about US$1.6 billion worth of shares, including Singapore’s GIC and Hillhouse Capital, each committing US$150 million, while BlackRock and Schroders will each invest US$120 million.
Morgan Stanley and CITIC Securities are serving as joint sponsors of the offering.
