Group 1 - Typhoon Hagupit (Ragasa) has posed the biggest test for the Hong Kong Stock Exchange since the implementation of the "no trading during typhoons" rule last year, with the stock market opening for trading under a signal 10 warning for the first time [4] - Despite many functions being able to work remotely, some IT systems and trading personnel are required to work in the office, leading to a surge in hotel bookings in Central and Admiralty, with luxury hotels like Mandarin Oriental and Four Seasons fully booked [4] - Some banks have opted to hold meetings online due to the typhoon, including the Hong Kong Fixed Income and Currency Forum 2025, which was originally scheduled to be held in person [4] Group 2 - Zijin Gold International plans to globally offer approximately 348.99 million shares, accounting for 13.30% of total shares post-issue, with a maximum fundraising target of about HKD 24.98 billion, potentially reaching HKD 28.73 billion if the over-allotment option is fully exercised [5] - Xipuni plans to globally offer 10.6 million H-shares, accounting for 18.02% of total shares post-issue, with a maximum fundraising target of approximately HKD 314 million [5]

Group 1 - The A-share IPO market is active, with 72 companies listed by September 22, raising a total of 69.644 billion yuan, surpassing the total fundraising amount for the entire year of 2024 [2][3] - The Hong Kong market has seen 64 companies listed, raising a total of 146.887 billion HKD (approximately 134.325 billion yuan), exceeding the total for both 2023 and 2024 [2][3] - Deloitte's report indicates that the Hong Kong Stock Exchange will continue to lead global IPO financing rankings, driven by six large IPOs during the period [3][10] Group 2 - In the first three quarters, A-shares are expected to have 78 new IPOs raising 77.1 billion yuan, a 13% increase in the number of IPOs and a 61% increase in total fundraising compared to the same period last year [3][9] - The Hong Kong market is projected to have 66 new IPOs raising 1.823 billion HKD (approximately 1.668 billion yuan), representing a 228% year-on-year increase in fundraising [3][9] Group 3 - Major IPOs in 2023 include CATL, Zijin Mining International, Huadian New Energy, and others, with Huadian New Energy's IPO being the largest in A-shares this year at 18.1 billion yuan [5][11] - The A-share market is seeing a shift in industry focus, with traditional and high-end manufacturing sectors leading in both the number of IPOs and fundraising amounts [7][9] Group 4 - The number of IPO withdrawals has significantly decreased, with 83 companies withdrawing their IPOs this year, a 77.13% decline year-on-year [9] - As of September 19, there are 279 companies waiting for IPO approval in the A-share market, with 50 companies having been reviewed and 49 approved [9] Group 5 - The Hong Kong market is benefiting from policies encouraging mainland companies to list there and the optimization of the IPO application process, leading to a strong market momentum [10][13] - Deloitte forecasts that over 80 new IPOs will be listed in Hong Kong in 2025, raising between 250 billion to 280 billion HKD [13][14]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）以及香港中央結 算有限公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告的全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成任何人士收購、購買或認購紫金黃金國際有限公司（「本 公司」）任何證券的要約或誘使作出要約的邀請。本公告並非招股章程。潛在投資者 於決定是否投資發售股份前，應閱覽招股章程內有關本公司、下文所述香港公開發 售及國際發售的詳細資料。 ZIJIN GOLD INTERNATIONAL COMPANY LIMITED 紫金黃金國際有限公司 （於香港註冊成立的有限公司） （股份代號：2259） 由於天氣惡劣 延遲全球發售的預期時間表 茲提述本公司日期為2025年9月19日的招股章程（「招股章程」）及日期為2025年9月 19日的正式通告（「正式通告」）。除另有說明外，本公告所用詞彙與招股章程及正式 通告所界定者具有相同涵義。 (a)通過網上銀行轉賬或繳費靈付款轉賬完成白表 eIPO及藍表eIPO申請付款及(b)向香港結算發出 電子認購 ...

Core Viewpoint - In the context of increasing volatility in global financial markets, gold's status as a safe-haven asset is becoming more pronounced, leading to record-high gold prices and heightened enthusiasm for gold companies to list in Hong Kong [1] Group 1: Company Performance - Zijin Gold International, established in 2007, has shown impressive performance with projected revenues of approximately $1.818 billion, $2.262 billion, and $2.990 billion from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 28.2% [3] - The company's net profit for the same period is expected to be $184 million, $230 million, and $481 million, with a remarkable CAGR of 61.9% [3] - In the first half of 2025, Zijin Gold International achieved revenue of $2 billion, a year-on-year increase of 42.33%, and a profit of $625 million, with a year-on-year growth of 125.6% [3] - The significant growth is largely attributed to rising gold prices, which increased by 27% in 2024 and over 41% in 2025 [3] Group 2: Market Outlook - Morgan Stanley has raised its year-end gold price target to $3,800 per ounce, emphasizing the strong negative correlation between gold and the US dollar [4] - UBS has indicated that gold prices could reach $4,000 per ounce under deteriorating geopolitical or economic conditions, with a forecast of $3,700 per ounce by June 2026 already being surpassed [4] - Zijin Gold International's gold reserves reached 27.5 million ounces (approximately 856 tons) as of December 31, 2024, ranking ninth globally, which supports its long-term growth potential [4] Group 3: Competitive Advantages - Zijin Gold International benefits from synergies with its parent company, Zijin Mining, which ranks first among global gold companies and fourth among metal mining companies [6] - The company has a complete industry chain covering exploration, mining, processing, smelting, refining, and sales, ensuring business stability and profitability [7][8] - Zijin Gold International has extensive merger and acquisition experience, holding rights to eight gold mines in resource-rich regions and planning a $1.2 billion acquisition of the Raygorodok gold mine in Kazakhstan [9] - The company emphasizes technological upgrades, achieving a gold recovery rate increase from 78% to 81% from 2022 to 2024 through innovative processes [10] Group 4: ESG Practices - Zijin Gold International integrates ESG as a core value, focusing on sustainable mining practices and minimizing emissions through advanced metallurgical processes [14] - The company emphasizes local employment and community engagement, providing training and supporting local infrastructure and development [15] - Its ESG initiatives enhance operational transparency and responsibility, contributing to its long-term competitiveness and reputation in the global mining industry [15] Group 5: Conclusion - In the current gold bull market, Zijin Gold International demonstrates strong growth potential supported by solid performance, favorable gold price trends, and unique competitive advantages [16] - The company's upcoming listing on the Hong Kong Stock Exchange capitalizes on market conditions, showcasing its superior alpha capabilities and positioning it for a more significant role in the global gold landscape [17]

Group 1 - The core viewpoint of the article is that the spin-off of Zijin Mining's subsidiary, Zijin Gold International, is expected to unlock value and enhance business growth potential, with a maintained "Buy" rating and a target price of HKD 29.6 [1] - The spin-off is projected to raise between HKD 25 billion to HKD 28 billion, with the funds allocated for the acquisition of the Raygorodok gold mine in Kazakhstan and future expansion and exploration projects [1] - The IPO of Zijin Gold International has attracted 29 cornerstone investors, who subscribed for nearly 50% of the offering size, indicating strong market interest [1] Group 2 - Zijin Mining's production is expected to increase significantly, with a projected output of 1.3 million ounces in 2025 due to the full consolidation of the Akyem mine, and a further 20% growth anticipated in 2026 after the integration of Raygorodok [1] - Based on gold price forecasts of USD 3,210 per ounce in 2025 and USD 3,400 per ounce in 2026, the net profit from overseas gold mining operations is expected to reach USD 1.2 billion in 2025, with a potential 40% increase in 2026 [1]

智通财经APP获悉，紫金黄金国际(02259)于9月19日起至24日招股，预期9月29日挂牌。不过，面对超强 台风"桦加沙"迫近香港，紫金黄金国际或要推迟认购期以至挂牌日期。 目前，天文台于9月23日(周二)下午2时20分改发8号烈风或暴风信号，并会考虑桦加沙与香港的距离及 本地风力变化，评估周二较后时间至9月24日(周三)初时是否需要改发更高热带气旋警告信号。 根据紫金黄金国际招股书，如果香港在9月24日上午9时至中午12时之间发布8号或以上热带气旋警告信 号，公司将需要推迟散户投资者提交认购申请的截止日期。 根据弗若斯特沙利文的资料，紫金黄金国际截至2024年12月31日的黄金储量和2024年的黄金产量分别位 居全球第九和第十一。2022年至2024年黄金产量的复合年增长率达到21.4%，母公司拥有人应占净利润 的复合年增长率为61.9%。 紫金黄金国际预期，集资款项所得用作支付收购哈萨克斯坦Raygorodok金矿的款项；未来五年内升级及 建设现有矿山，全面提升产能；用于营运的所有矿山的勘探活动；及一般公司用途。 根据香港交易所规则，这将使认购期推迟至少一个工作日，并将上市的所有后续步骤包括上市交易顺延 ...

富瑞发布研报称，紫金分拆有助释放价值，维持紫金矿业（601899）(02899) "买入"评级，加上近期金 价持续破顶，将为业绩带来进一步上行空间，目标价29.6港元。 富瑞预期，紫金黄金国际2025年下半年产量将因Akyem矿全面合并而提升，全年产量预计达130万盎 司，2026年并入Raygorodok后产量可同比增长约20%。按该行今明两年金价预测达到每盎司3,210美元 及3,400美元计算，2025年海外金矿业务净利润预计达12亿美元，2026年可再增长40%。 富瑞指出，紫金矿业分拆紫金黄金国际(02259)于香港上市，集资规模介乎250亿至280亿元，所得资金 将用于收购哈萨克Raygorodok金矿及未来扩张与勘探项目。紫金黄金国际IPO引入29名基石投资者，认 购比例占发行规模近50%。富瑞对是次分拆持正面看法，认为能以有限摊薄效应带来业务增长潜力。 ...

随着更多细节的披露，紫金黄金国际的市值、估值已经可以大致确定。 上周五，紫金矿业发布分拆上市进展公告，其子公司紫金黄金国际此次计划发行3.49亿股至4.01亿股 （约占全球发售完成后13.3%至15%），发行价格则确定为71.59港元/股。 由此计算，紫金黄金国际上市后市值有望达到1878.5亿港元。此前，紫金矿业所希望达到的"推动公司 黄金资产价值重估"，也将取得明显成效。 如果按照紫金黄金国际上半年归母净利润年化后估算，公司全年净利润约为10.4亿美元，上述发行价所 对应的市盈率可以达到23倍左右，显著高于紫金矿业A股当前15倍左右的动态估值。 而以上超过200亿港元的融资规模，在创下今年港股市场第二大IPO的同时，也将为高度依赖外部并购 的紫金矿业、紫金黄金国际带来更多资金支持。 接下来，随着9月29日在港股的正式挂牌交易，公司也将形成以紫金矿业A股为主，藏格矿业A股、紫金 黄金国际H股为辅，市值总额逼近1万亿元人民币的"紫金系"资本矩阵。 如今，随着公司发行价格、发行规模等上市细节的披露，不仅可以获得更多数据层面的验证，紫金黄金 国际潜在的市值规模也超过了此前预期。 根据公告，此次紫金黄金国际全球发售 ...

从业务属性来看，紫金黄金国际是纯金股，整合了紫金矿业除中国以外所有黄金矿山资产。在黄金暴涨阶段，业绩实现快速放量。 2022-2024 年，公司黄金产量复合年增长率 21.4%，在全球前 15 大生产商中产量增速排名第一，同期公司的归母净利润的复合年增长率为61.9%。 纯金股在现阶段的资本市场是不可多得的稀缺标的，紫金矿业也对紫金黄金国际寄予厚望，直言"本次分拆上市将显著提升集团的整体价值与股东价值"。 因为对比母公司，业务更纯粹的的紫金黄金国际确实存在更大的业绩弹性。 紫金黄金国际是紫金矿业旗下专注海外黄金开采的子公司。近期公司计划通过香港上市筹集250亿港元，有望成为5月以来全球最大规模的IPO交易。 受到地缘政治紧张局势加剧、全球通胀压力持续以及各国央行对黄金储备强劲需求驱动，2024年，全球黄金价格创下3500美元/盎司的历史新高。 一、业绩弹性更大 紫金黄金国际是一家全球领先的黄金开采公司，从事黄金的勘探、开采、加工、冶炼及销售业务。根据弗若斯特沙利文的资料，截至2024年，该公司的黄 金储量和产量分别位居全球第九和第十一。 能拥有如此规模背后少不了"金主爸爸"的支持。 公司控股股东紫金矿业在全球 ...

Core Viewpoint - Zijin Mining is spinning off its subsidiary, Zijin Gold International, to capitalize on the rising international gold prices and enhance its control over global gold resources while addressing liquidity pressures faced by the parent company [1][2]. Group 1: IPO Details - The IPO of Zijin Gold International is expected to raise between HKD 249.8 billion and HKD 287.3 billion (approximately USD 32 billion), making it the second-largest IPO in Hong Kong since 2025 [1][2]. - The listing process is notably efficient, taking only 81 days from the submission of the prospectus to the start of the global offering, marking it as the fastest IPO in the Hong Kong market since 2022 [2][3]. Group 2: Market Context - The rise in gold prices, driven by factors such as high interest rates from the Federal Reserve and geopolitical tensions, has led to a significant increase in gold's value, reaching a historical high of USD 3,760 per ounce as of September 22, 2025 [2]. - The initial fundraising target of USD 1 billion was raised to the current range due to the ongoing bullish trend in the gold market [2]. Group 3: Company Operations - Zijin Gold International will consolidate eight mines across South America, Oceania, Central Asia, and Africa, positioning itself among the top global gold producers with an expected output of 1.3 million ounces (approximately 40.4 tons) by the end of 2024 [3][5]. - The company holds significant assets, including the Buriticá mine in Colombia, which is the largest operating gold mine in the country, but faces safety risks due to illegal mining activities in the area [5]. Group 4: Investor Interest - The IPO has attracted substantial interest from cornerstone investors, with 26 investors committing a total of HKD 124.7 billion, accounting for nearly 50% of the base offering size, indicating strong market confidence [6][8]. - Notable international investors include GIC, BlackRock, and Schroders, alongside prominent Chinese private equity firms and long-term funds, reflecting a diverse investment base [6][8]. Group 5: Financial Performance - Zijin Gold International's revenue is projected to grow from CNY 12.7 billion in 2022 to CNY 21.5 billion in 2024, with a compound annual growth rate (CAGR) of 30.3%, while net profit is expected to increase from CNY 1.28 billion to CNY 3.46 billion, achieving a CAGR of 64.5% [10][11]. - The company reported a gross margin of 46.5% and a net profit margin of 26.1% in the first half of 2025, outperforming its peers in the industry [10][11]. Group 6: Risks and Challenges - The company faces a high concentration of revenue from its top clients, with the top five clients accounting for 98.4% of revenue in the first half of 2025, raising concerns about customer diversification [12]. - The parent company, Zijin Mining, is under liquidity pressure, with short-term borrowings exceeding cash reserves, necessitating the spin-off to improve financial flexibility and reduce the parent company's debt burden [12].