Zijin Gold International, the fully owned subsidiary of China’s Zijin Mining, is set to make Hong Kong’s largest IPO of 2025, targeting HK$24.98 billion (US$3.2 billion) to finance its global mining expansion plans.
The company will offer 349 million shares at HK$71.59 each, valuing Zijin Gold at approximately US$24.1 billion. Trading on the Hong Kong Stock Exchange is scheduled to begin on September 29, 2025.
The IPO comes amid a nearly 39% year-to-date surge in gold prices, supported by expectations of lower interest rates and heightened global economic uncertainty — factors that historically drive demand for the metal as a safe-haven asset.
Zijin Gold’s IPO surpasses this week’s US$1.2 billion listing by Chinese automaker Chery, marking it as the city’s largest offering so far in 2025. Earlier, battery giant CATL raised US$4.6 billion in a secondary Hong Kong listing, previously the year’s largest.
Proceeds from the IPO are earmarked for upgrading and expanding Zijin Gold’s global mining operations over the next five years, with a focus on increasing production capacity at existing sites. The deal has already attracted strong cornerstone demand: Singapore’s GIC and Hillhouse Capital have each committed US$150 million, while BlackRock and Schroders will each invest US$120 million.
Morgan Stanley and CITIC Securities are acting as joint sponsors for the offering, signaling strong international confidence in the company’s growth strategy.
This IPO highlights the increasing global integration of gold markets and the role of major mining companies in securing capital for expansion amid rising commodity prices — a trend closely watched by investors and industrial stakeholders across Sub-Saharan Africa.
