Core Viewpoint - Zijin Gold International, spun off from Zijin Mining, is positioned as a leading market-oriented gold mining company, focusing on exploration, mining, and sales of gold [3][4]. Financial Performance - From 2022 to 2024, Zijin Gold's revenue is projected to grow from $1.818 billion to $2.990 billion, reflecting a compound annual growth rate (CAGR) of 28.2%. Net profit is expected to increase from $290 million to $621 million, with a CAGR of 46.2% [5]. - In the first half of 2025, the company reported revenue of $1.997 billion, a year-on-year increase of 42.86%, and net profit of $625 million, up 125.6%, surpassing the total profit for 2024 [6]. IPO Details - Zijin Gold International is conducting an IPO from September 19 to 24, with a global offering of 349 million shares, 10% of which is allocated for Hong Kong [9]. - The offering price is set at HKD 71.59 per share, with an entry fee of approximately HKD 7,231 for a board lot of 100 shares [9]. - The IPO has attracted 29 cornerstone investors, accounting for 50% of the subscription, indicating strong market interest [10]. Market Context - The gold sector has seen significant growth this year, with many gold stocks doubling in value, making Zijin Gold's IPO the second largest in Hong Kong this year, following CATL [10].

Group 1 - The companies Zijin Gold International, Sipni, and Botai Che Lian are currently in the process of public offerings [1] - As of September 22, brokers including Futu, Huatai, and Yaocai have collectively lent HKD 95.3208 billion for Zijin Gold, with an oversubscription rate exceeding 37 times [1] - For Sipni, brokers have lent a total of HKD 6.32568 billion, with an oversubscription rate exceeding 203 times [1] - Botai Che Lian has received a total of HKD 424.465 million in loans from brokers, with an oversubscription rate of over 2.9 times [1] Group 2 - The total fundraising amount for Zijin Gold International is HKD 2.498 billion [3] - The total fundraising amount for Sipni is HKD 31 million [3] - The total fundraising amount for Botai Che Lian is HKD 107 million [3]

Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, is set to go public with an expected market capitalization of approximately HKD 187.85 billion, significantly enhancing the valuation of Zijin Mining's gold assets [1][3]. Group 1: IPO Details - Zijin Gold International plans to issue between 349 million to 401 million shares, representing approximately 13.3% to 15% of the total shares post-IPO, at a price of HKD 71.59 per share [1][2]. - The IPO is expected to raise between HKD 249.85 billion, making it the second-largest IPO in the Hong Kong market this year [8]. - Following the IPO, Zijin Gold International's total shares will reach 2.624 billion, leading to a projected market value of HKD 187.85 billion, equivalent to about RMB 172 billion [3]. Group 2: Financial Performance - For the first half of 2025, Zijin Gold International reported revenues of USD 1.997 billion and a net profit of USD 520 million, with an annualized net profit estimate of approximately USD 1.04 billion [6]. - The expected price-to-earnings ratio post-IPO is around 23.2 times, which is significantly higher than Zijin Mining's current valuation of about 15 times [6]. Group 3: Strategic Implications - The IPO is part of Zijin Mining's broader strategy to enhance its market value and asset securitization, with expectations of increasing shareholder value [2]. - The formation of a capital matrix, including Zijin Mining A-shares, Cangge Mining A-shares, and Zijin Gold International H-shares, is anticipated to approach a total market value of RMB 1 trillion [1][5]. - Zijin Gold International is expected to focus on international gold operations, while Zijin Mining will continue to explore resource acquisitions to support growth [9][10].

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【紫金黄金国际250亿港元募资赴港IPO，成今年港股第二大IPO】紫金黄金国际此次IPO募资250亿港 元，成今年港股市场第二大IPO，仅次于宁德时代的410亿港元。其公开募资额25亿港元，超宁德时代 的23.25亿港元，中签率或较高。 紫金黄金国际由紫金矿业整合海外金矿而成，总部在港，从事黄金勘 探、开采等业务，产品有金锭等。在多地持有8座金矿权益，截至2025年6月30日，矿产资源量约11.762 亿吨，金金属量1768.4吨。 财务数据显示，其收入从2022年18.18亿美元增至2024年29.90亿美元，复合 年增长率28.2%；净利润从2.90亿美元增至6.21亿美元，复合年增长率46.2%。2025年上半年业绩加速增 长，收入和净利润同比大幅提升，盈利能力和效率持续增强。 2024年其全维持成本每盎司1458美元， 在全球前十五大黄金开采公司中排第六低，抗风险能力强。此次IPO募资将助其实施全球并购战略，已 签协议12亿美元收购哈萨克斯坦金矿。 全球黄金需求持续增长，预计2024 - 2030年复合年增长率 3.2%，受央行增储和投资需求 ...

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource companies going public [1][2] - Zijin Gold International, a spin-off from Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [3][4] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [3][5] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, while Jiexin International Resources is notable for being dual-listed in both Hong Kong and Kazakhstan [3][4] Group 3 - Several resource companies, including Jinxun Co., Zhihui Mining, and Jinyan High-tech, are currently in the process of seeking IPOs in Hong Kong, primarily to develop international markets and acquire overseas projects [4][5] - The trend indicates a growing preference for the Hong Kong capital market among resource companies due to its internationalization and diverse investor base [4][5]

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource-based companies going public [1][2] - Zijin Gold International, a spin-off of Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource-based companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [4][5] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [4][7] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [4][7] Group 3 - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to dual-list in both Hong Kong and the Astana International Exchange, with significant tungsten resources [5] - Several resource-based companies, including Jinxun Co., Zhihui Mining, and Innovation International, are currently in the pipeline for IPOs in Hong Kong, primarily aiming to develop international markets and acquire overseas projects [6][7] - The trend of resource companies seeking Hong Kong listings reflects a strategy to enhance governance, competitiveness, and market influence in the context of globalization and the Belt and Road Initiative [7]

Group 1 - Chery Automobile (09973) has raised a total of HKD 9.14 billion with an oversubscription of over 47.7 times as of September 19 [1][3] - Zijin Mining (02259) has raised a total of HKD 24.98 billion with an oversubscription of over 7.2 times [1][3] - Xipuni (02583) has raised a total of HKD 0.31 billion with an oversubscription of over 16.9 times [1][3] Group 2 - Total margin financing for Chery Automobile amounts to HKD 445.6664 million, with contributions from various brokers including Futu, Huatai, and others [1][3] - Total margin financing for Zijin Mining amounts to HKD 204.9882 million, with contributions from brokers such as Huacheng and Milite [1][3] - Total margin financing for Xipuni amounts to HKD 5.5599 million, with contributions from brokers including Futu and Huatai [1][3]

Investment Rating - The investment rating for the company is set at ★★★★☆ [4] Core Insights - The company is a leading global gold mining company formed by integrating all gold mines of Zijin Mining outside mainland China, leveraging management advantages in low-grade resource exploration, development, and operation [1] - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of 21.4% in gold production from 2022 to 2024, significantly outpacing other large companies, and a CAGR of 61.9% in net profit attributable to shareholders [2] - Emerging market central banks hold only 8.9% of their asset reserves in gold, compared to 25.2% for developed countries, indicating significant potential for increasing gold reserves in these regions [3] - The average annual gold price has increased by approximately 35% from 2020 to 2024, with further long-term support expected due to declining ore grades and rising extraction costs [3] Financial Data Summary - Revenue for the fiscal year ending December 31, 2023, is projected at $2.262 billion, increasing to $2.990 billion in 2024, with a half-year revenue of $1.997 billion for 2025 [4] - Profit for the fiscal year ending December 31, 2023, is estimated at $230 million, rising to $481 million in 2024, and $520 million for the first half of 2025 [4] - The company plans to issue 3.49 billion shares, with a maximum fundraising amount of HKD 24.984 billion [4]

Group 1 - Investor interest is sufficient to cover Zijin Mining International's $3.2 billion Hong Kong IPO [1] - The company began accepting investor subscriptions on Friday and quickly received enough demand [1]