Core Viewpoint - Zijin Mining International Co., Ltd. (02259.HK) was listed on the Hong Kong Stock Exchange, closing at HKD 120.60, a rise of 68.46% from its initial offering price of HKD 71.590 [1][3]. Group 1: Share Offering Details - The total number of shares offered was 348,990,700, with 34,899,100 shares available for public offering in Hong Kong and 314,091,600 shares for international offering [1][2]. - The final offering price was HKD 71.590, resulting in total proceeds of HKD 24,984.2 million, with net proceeds amounting to HKD 24,469.9 million after deducting estimated listing expenses of HKD 514.3 million [3][4]. Group 2: Use of Proceeds - Approximately 33.4% of the net proceeds is expected to be used for settling the acquisition cost of the Raygorodok gold mine in Kazakhstan [4]. - About 50.1% of the net proceeds is planned for upgrading and construction projects at existing mines over the next five years to enhance production capacity [4]. - Approximately 6.5% is allocated for exploration activities over the next five years to fully realize the company's growth potential, while around 10% is designated for general corporate purposes [4]. Group 3: Company Overview and Financial Performance - Zijin Mining International is a leading global gold mining company formed by integrating all gold mines of Zijin Mining outside of China, focusing on exploration, mining, processing, refining, and sales of gold [5]. - The company's revenues for 2022, 2023, and 2024 are projected to be USD 1,818.0 million, USD 2,262.4 million, and USD 2,989.9 million, respectively, with net profits of USD 290.3 million, USD 322.2 million, and USD 620.6 million for the same years [5][6]. - The company reported cash flows from operating activities of USD 714.7 million, USD 924.9 million, and USD 876.5 million for the years 2022, 2023, and 2024, respectively [7].

Market Overview - On the last trading day of September, A-shares saw gains with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index increasing by 0.35%, while the ChiNext Index remained flat. The total market turnover reached 2.2 trillion yuan, with over 2,600 stocks rising [1] - In September, the A-share market exhibited a pattern of initial gains followed by a decline, ultimately showing a fluctuating upward trend. All three major indices closed higher for the month, with the ChiNext Index gaining over 12%, marking a three-year high, and the Sci-Tech 50 Index rising over 11%, reaching a nearly four-year high [2] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng Tech Index both closed higher, reflecting a positive sentiment in the market [3] IPO Highlights - Zijin Mining International had a strong debut, with its stock price surging by 70% to close at 121.7 HKD per share, giving it a market capitalization of 319.3 billion HKD. This IPO raised a total of 24.984 billion HKD, making it the second-largest IPO in Hong Kong for 2025, following CATL. The public offering was oversubscribed by over 190 times, with frozen funds exceeding 480 billion HKD [4] - The listing process for Zijin Mining International was notably efficient, taking only three months from application to listing [4] Company Insights - Zijin Mining International, as a subsidiary of Zijin Mining Group, focuses on integrating overseas gold assets, covering eight mines in Central Asia, South America, and Africa. By the end of 2024, it is expected to have gold reserves of 856 tons and an annual production of 40.4 tons, ranking ninth and eleventh globally, respectively [4] - The company plans to use the funds raised for acquiring the Raygorodok gold mine in Kazakhstan, upgrading and constructing existing mines, conducting exploration activities, and general corporate purposes [4][5] Gold Market Outlook - The recent performance of Zijin Mining International reflects a broader trend of a "gold rush" in 2025, with spot gold prices reaching a new high of 3,870 USD per ounce on September 30. This has led to a surge in gold-related IPOs in Hong Kong, with companies like Chifeng Jilong Gold Mining and Chow Tai Fook successfully listing [6] - Goldman Sachs has projected that gold prices could rise to 4,000 USD per ounce by 2026 under a baseline scenario, and potentially reach 4,500 USD per ounce in a tail-risk scenario. Citigroup has also raised its three-month price targets for gold and silver to 4,000 USD and 55 USD per ounce, respectively, indicating significant upside potential [6]

Market Overview - On the last trading day of September, A-shares saw an increase, with the Shanghai Composite Index rising by 0.52% and the Shenzhen Component Index by 0.35%, while the ChiNext Index remained flat. The total market turnover reached 2.2 trillion yuan, with over 2,600 stocks rising [1] - In September, the A-share market exhibited a pattern of initial gains followed by a decline, ultimately showing a fluctuating upward trend. All three major indices closed higher for the month, with the ChiNext Index gaining over 12%, marking a three-year high, and the Sci-Tech 50 Index rising over 11%, reaching a nearly four-year high [2] Sector Performance - The non-ferrous metals and storage chip sectors led the gains, while the liquor and large financial sectors experienced declines [2] IPO Highlights - Zijin Mining International had a strong debut, surging by 68.46% to close at 120.6 HKD per share, with an intraday high of nearly 72%. The company achieved a market capitalization of 316.5 billion HKD. This IPO raised a total of 24.984 billion HKD, making it the second-largest IPO in Hong Kong for 2025, following CATL [3] - The public offering of Zijin Mining International was oversubscribed by over 190 times, with frozen funds exceeding 480 billion HKD. The listing process was notably efficient, taking only three months from application to listing [3] Company Operations - Zijin Mining International plans to use the raised funds for acquiring the Raygorodok gold mine in Kazakhstan, upgrading and constructing existing mines, conducting exploration activities, and for general corporate purposes [4] - According to Minsheng Securities, Zijin Mining International has a fast production growth rate and strong certainty. The acquisition of the Raygorodok gold mine is expected to further enhance its profitability [5] Gold Market Outlook - The performance of Zijin Mining International reflects a broader trend of a "gold rush" in 2025, with spot gold prices reaching a new high of 3,870 USD per ounce on September 30. This has led to a surge in gold-related IPOs in Hong Kong [6] - Goldman Sachs has projected that gold prices could rise to 4,000 USD per ounce by 2026 under a baseline scenario, and potentially reach 4,500 USD in a tail-risk scenario. Citibank has also raised its three-month targets for gold and silver prices to 4,000 USD and 55 USD per ounce, respectively [6]

Core Viewpoint - Zijin Gold International (02259.HK) officially listed on the Hong Kong Stock Exchange on September 30, becoming the second-largest IPO globally this year and the second-largest IPO in Hong Kong for the year [1][3]. Group 1: IPO Details - On its first trading day, Zijin Gold International's stock price surged over 68%, closing with a 70% increase at HKD 121.7 per share, resulting in a total market capitalization of HKD 319.3 billion [1]. - The company aimed to globally offer 349 million shares at a price of HKD 71.59 per share, raising approximately HKD 25 billion (around RMB 22.86 billion), making it the second-largest IPO this year after CATL's HKD 41 billion offering [6]. - The global offering represents approximately 13.3% of the company's total share capital post-IPO, with 10% allocated for public offering in Hong Kong and 90% for international placement [6]. Group 2: Use of Proceeds and Shareholder Benefits - The funds raised from the IPO will primarily be used to expand the company's operations in gold resource exploration, mining development, and refining, enhancing its competitiveness in the global gold market [6]. - Zijin Mining Group, the parent company, retains a controlling interest in Zijin Gold International, holding about 86.70% of the issued share capital [3][6]. - Existing H-share shareholders of Zijin Mining will have preferential subscription rights, allowing them to receive one reserved share of Zijin Gold International for every 344 H-shares held, ensuring the interests of the parent company's shareholders are protected [6]. Group 3: Investor Participation - The IPO attracted significant interest from major institutional investors, including the Government of Singapore Investment Corporation (GIC), Millennium Management LLC, and Hillhouse Capital, all of which confirmed their participation [6][7]. - BlackRock, Fidelity International, and Baillie Gifford are also expected to act as cornerstone investors, collectively anticipated to subscribe to about half of the IPO shares [7]. Group 4: Company Profile - Established in 2007 and headquartered in Hong Kong, Zijin Gold International specializes in gold exploration, mining, processing, and sales, with primary products including gold bars, alloy gold, and gold concentrates [7]. - As of the end of last year, the company held gold reserves of 856 tons, ranking ninth globally, and produced 40.4 tons of gold, placing it eleventh in global production [7].

2025年9月30日 紫金矿业（601899.SH，02899.HK）旗下的 紫金黄金国际有限公司 （以下简称"紫金黄金国际"） 成功在港交所发行上市 股票代码：2259.HK 发行价格：71.59港元/股 开盘高开55.75％，报111.5港元/股 截至午间收盘 紫金黄金国际主要财务数据 紫金黄金国际的财务表现非常亮眼。2024年，公司营业收入达 29.90亿美元，净利润为6.21 亿美元，归母净利润为4.81亿美元。2025年上半年，公司业绩继 续保持高速增长，同比增长42.3%，至19.97亿美元；归母净利润同比增长142.6%，至5.20亿美元。2022-2024年，公司归母净利润的复合年增长率为61.9%。 | | | | 截至12月31日止年度 | | | | | 裁至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 美元 | 9/0 | 美元 | % | 美元 | ...

Core Viewpoint - Zijin Gold International officially listed on the Hong Kong Stock Exchange on September 30, with its stock price surging over 67% on the first day, achieving a market capitalization exceeding HKD 300 billion. The rise in gold prices has significantly contributed to this increase, with international gold prices reaching a historical high of USD 3,898 per ounce [1][2]. Group 1: Company Overview - Zijin Gold International is a spin-off from Zijin Mining Group, consolidating all of its gold mining assets outside of China. The company is primarily engaged in gold exploration, mining, processing, refining, and sales [1]. - The company aims to accelerate its internationalization process and strengthen its gold business segment through this spin-off, while also maintaining a stable equity structure at the Zijin Mining level [2]. Group 2: Financial Data - Revenue projections for Zijin Gold International from 2022 to the first half of 2025 are USD 1.818 billion, USD 2.262 billion, USD 2.990 billion, and USD 1.997 billion, respectively. The net profit for the same periods is projected to be USD 184 million, USD 230 million, USD 481 million, and USD 520 million [3]. - Notably, the net profit for the first half of 2025 is expected to surpass the total net profit for 2024, primarily driven by a significant increase in gross profit margin, which is closely linked to fluctuations in gold prices. The gross profit margin for gold products in the first half of 2025 is projected to be 46.5%, up from 36.5% in the same period last year [3].

Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the gold sector amid a global surge in gold prices [1][2]. Group 1: IPO Details - Zijin Gold International's shares opened at HKD 111.5, a 55.75% increase from the issue price of HKD 71.59, and reached a midday high of HKD 115.1, representing a 60.78% gain [1]. - The IPO raised a total of HKD 24.984 billion, making it the second-largest IPO in Hong Kong for 2025, following CATL [1]. - The public offering was oversubscribed by over 190 times, with total funds frozen exceeding HKD 480 billion [1]. - The listing process was notably efficient, taking only three months from application to listing [1]. Group 2: Company Overview - Zijin Gold International serves as Zijin Mining's platform for overseas gold asset integration, operating eight mines across Central Asia, South America, and Africa [1]. - As of the end of 2024, the company is projected to have gold reserves of 856 tons and an annual production of 40.4 tons, ranking ninth and eleventh globally, respectively [1]. Group 3: Market Context - The year 2025 has seen a "gold rush," with gold prices hitting record highs, including a peak of USD 3,800 per ounce, and a cumulative increase of 45% [2]. - Other gold-related companies, such as Chifeng Jilong Gold Mining and Chow Tai Fook, have also successfully listed on the Hong Kong Stock Exchange, indicating a broader trend in the market [2]. - Goldman Sachs forecasts that gold prices could rise to USD 4,000 per ounce by 2026 under baseline scenarios, with potential peaks of USD 4,500 in risk scenarios [2].

Core Viewpoint - Zijin Mining Group's subsidiary, Zijin Gold International, has launched a global offering, aiming to raise approximately HKD 25 billion through an IPO, marking it as the second-largest IPO in Hong Kong this year, following CATL's HKD 41 billion fundraising [2]. Group 1: IPO Details - Zijin Gold International plans to issue 349 million shares at an offering price of HKD 71.59 per share [2]. - The funds raised will be allocated for the acquisition of the Raygorodok gold mine in Kazakhstan, as well as for upgrading existing mines and construction projects to enhance production capacity [2]. Group 2: Company Background - Established in 2007 and headquartered in Hong Kong, Zijin Gold International specializes in gold exploration, mining, processing, and sales, with a primary focus on gold bars, refined gold, and gold concentrates [4]. - As of the end of last year, Zijin Gold International held gold reserves of 856 tons, ranking ninth globally, and produced 40.4 tons of gold, placing it eleventh worldwide [4]. Group 3: Strategic Moves - In April, Zijin Mining announced plans to restructure its overseas gold mining assets under Zijin Gold International and apply for its listing on the Hong Kong Stock Exchange [4]. - The restructuring involves several world-class gold mines located in South America, Central Asia, Africa, and Oceania, aimed at accelerating the company's internationalization and strengthening its gold business segment [4]. Group 4: Financial Performance - Zijin Mining is a large multinational mining group primarily engaged in metal mineral resource exploration and development, listed on both Shanghai A-shares and Hong Kong H-shares [5]. - In 2024, Zijin Mining achieved a net profit attributable to shareholders of RMB 32.1 billion, with a significant increase of 54% in net profit to RMB 23.3 billion in the first half of 2025 [5].

Market Overview - A-shares experienced fluctuations with the Shanghai Composite Index rising by 0.16% to 3868.69, while the Shenzhen Component increased by 0.03% to 13484.12. The ChiNext Index fell by 0.20% to 3231.66 [1] - Hong Kong stocks showed mixed results, with the Hang Seng Index down by 0.07% to 26604.91, while the Hang Seng Tech Index rose by 0.27% to 6341.56 [2][3] Sector Performance - The non-ferrous metals sector saw a collective rise, with companies like Xiyang Co. and Huaxiang Nonferrous Metals gaining over 5% [21] - The semiconductor sector was active, with Hong Kong's semiconductor stocks, such as Huahong Semiconductor and SMIC, showing gains of over 5% [11][12] - AI hardware stocks faced adjustments, with companies like NewEase and Tianfu Communication dropping over 4% [9] Commodity Market - Domestic commodity futures experienced a decline, with fuel oil dropping over 2% and other commodities like paper pulp, coking coal, and rubber also falling by more than 1% [5] - Gold prices reached record highs, positively impacting the valuation of global mining companies, including Zijin Mining International, which had a successful IPO raising approximately $3.2 billion [6][8] IPO Activity - Zijin Mining International's IPO was noted as the largest globally since May, with shares opening at a 56% increase on the first day of trading [6][7] - The IPO valuation of Zijin Mining International was approximately 26% lower than its peers, indicating a strategic entry into the market amid rising gold prices [8]

（文章来源：每日经济新闻） 每经AI快讯，9月30日，紫金黄金国际高开高走，目前涨幅扩大至67%。 ...