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    China’s Zijin Gold shines on debut as gold prices reach record high – Reuters

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    By Kane Wu,Scott Murdoch

    Copyright reuters

    China's Zijin Gold shines on debut as gold prices reach record high - Reuters

    SummaryCompaniesZijin Gold IPO raises $3.2 billion, largest globally in 2025Gold prices rise 42% in 2025 amid global uncertainties, boosting Zijin Gold’s prospectsZijin Gold’s IPO oversubscribed, Hong Kong capital markets see resurgence

    HONG KONG, Sept 30 (Reuters) – Shares of China’s Zijin Gold International (2259.HK), opens new tab rose as much as 66% in their Hong Kong trading debut on Tuesday after the company raised $3.2 billion in an initial public offering (IPO), the largest deal of its kind globally in 2025.

    The company, a unit of China’s Zijin Mining (601899.SS), opens new tab that operates all of the group’s gold mines outside China, sold 349 million shares at HK$71.59 each.

    Zijin Gold shares hit HK$119 before paring some gains to be HK$114.80, still up 60% at 0539 GMT. Hong Kong’s Hang Seng Index (.HSI), opens new tab was up 0.1% in afternoon trading.

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    Zijin Gold is on track to be one of the best-performing IPOs for first day trading in Hong Kong in the past 10 years, according to Dealogic data.

    Gold prices hit a record high on Tuesday, having risen 11.4% so far in September, on track for its best month since August 2011. The yellow metal is up about 42% this year on the back of global political uncertainties and lower interest rates around the world.

    “For mining enterprises like Zijin Gold in the upstream of the gold industry chain, a sustained high and rising gold price will drive the performance growth, as the rise in gold prices will directly boost its revenue and profits,” said Xinyao Wang, an analyst who publishes on SmartKarma, in a research note Tuesday.

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    Zijin Mining’s Hong Kong shares rose as much as 8.2% after Zijin Gold’s debut. The company’s Shanghai-listed shares were up 3.7%.

    Zijin Gold is the second most actively traded stock by turnover on the Hong Kong Stock Exchange on Tuesday with 78.6 million shares worth HK$8.9 billion ($1.14 billion) changing hands.

    The retail tranche of Zijin Gold’s IPO was 241 times oversubscribed while the institutional tranche was 20.4 times oversubscribed, according to regulatory filings.

    So far in 2025, IPOs and secondary listings worth $23.2 billion have taken place in Hong Kong, marking the busiest year since 2021, according to Dealogic data.

    The rebound in the city’s capital markets activity comes as booming demand for Chinese artificial intelligence and tech stocks has seen a raft of Chinese companies listed in the mainland also sell shares in Hong Kong.

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    Zijin Gold’s IPO was the largest in Hong Kong since JD Logistics’ (2618.HK), opens new tab float in May 2021, which raised $3.6 billion, Dealogic data showed. It was the largest deal of its kind in the world this year.

    If an overallotment is exercised on the Zijin deal, it would raise $3.7 billion and be the largest since Kuaishou Technology (1024.HK), opens new tab raised $6.2 billion in January 2021.

    Zijin Gold said in its prospectus it is planning to use the proceeds over the next five years to upgrade existing mines.

    It added that it expects global gold demand to grow steadily at a compound annual growth rate of 3.2% from 2024 to 2030.

    ($1 = 7.7804 Hong Kong dollars)

    Reporting by Scott Murdoch in Sydney, Kane Wu and Donny Kwok in Hong Kong; Editing by Christian Schmollinger, Neil Fullick and Lincoln Feast.

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    Scott MurdochThomson ReutersScott Murdoch has been a journalist for more than two decades working for Thomson Reuters and News Corp in Australia. He has specialised in financial journalism for most of his career and covers the Australian financial services sector and superannuation. He is based in Sydney.EmailXLinkedinKane WuThomson ReutersKane Wu covers M&A, private equity, venture capital and investment banks in Asia. She tracks the region’s most high-profile deals, fundraisings as well as investment trends amidst geopolitical, macroeconomic and regulatory changes. She was nominated for a SOPA Excellence in Business Reporting award for coverage of China regulatory crackdown in 2021. Prior to Reuters, she worked at the Wall Street Journal and also wrote about Asia’s loan market for Thomson Reuters Basis Point. She is based in Hong Kong.EmailX

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