Zijin Mining Plans $3 Billion Hong Kong IPO for Gold Unit Amid Record Prices
China’s Zijin Mining Eyes $3B Hong Kong IPO for Gold Unit as Prices Near Record Highs
China’s Zijin Mining Group is preparing to list its international gold-mining subsidiary, Zijin Gold International, in Hong Kong in an initial public offering (IPO) that could raise more than $3 billion, according to sources familiar with the matter. If completed, the deal would rank as the second-largest IPO globally in 2025.
The final size and timing of the IPO are still under discussion, though the listing could launch as early as this month.
Investor interest is reportedly strong, fueled by gold prices that remain close to historic highs. Neither Zijin Mining nor its gold unit has commented publicly on the offering.
If successful, Zijin Gold International’s debut would be the biggest global listing since Contemporary Amperex Technology’s $5.3 billion IPO in May, Bloomberg data shows.
The move also reflects a broader trend of Chinese miners leveraging surging gold prices to raise capital.
Zijin Mining, China’s largest gold producer, generated 73 tons of gold in 2024, with 60% of output coming from overseas operations. The company has set a target to boost production to 100–110 tons annually by 2028.
The IPO comes as gold has broken out of a prolonged trading range, hitting fresh records driven by central bank buying, expectations of interest rate cuts, and investors’ efforts to diversify away from the US dollar.
Several major banks forecast further gains, with Goldman Sachs predicting gold could climb to $4,000 per ounce next year.
The deal would add momentum to what has already been a strong year for Hong Kong’s capital markets. A surge of Chinese company listings is expected to lift total IPO proceeds in the city to more than $26 billion in 2025, more than double last year’s figure, according to Bloomberg Intelligence.
Earlier reports indicated that Zijin Gold had raised its IPO fundraising target from around $2 billion to at least $3 billion, underscoring growing demand.
