Core Viewpoint - The recent capital operations by Zijin Mining and Laopu Gold are driven by the significant rise in international gold prices, leading to a higher valuation of gold assets [1][5][6]. Group 1: Zijin Mining - Zijin Mining plans to spin off its overseas gold mining assets for a listing on the Hong Kong Stock Exchange, which is expected to enhance the overall value and shareholder value of the company [1][5]. - The company has already achieved A+H share listing and reported a compound annual growth rate of 12% in gold production over the past five years, with a total gold production of 72,938 kg (approximately 234.50 million ounces) in 2024, representing a year-on-year increase of 7.70% [1][2]. - Zijin Mining's overseas gold assets account for 67% of its total gold resources and production, consisting of several world-class large mines located in South America, Central Asia, Africa, and Oceania [2]. Group 2: Laopu Gold - Laopu Gold, recently crowned the "king of Hong Kong stocks," announced plans to raise approximately HKD 2.7 billion through a share placement, following its IPO less than a year ago [1][4]. - The company's stock price has seen significant appreciation, reaching as high as HKD 881 per share this year, although it has since experienced a slight decline [4]. Group 3: Market Context - The capital market has reacted strongly to the recent moves by both Zijin Mining and Laopu Gold, with analysts noting that the current high gold prices create favorable conditions for capital operations in the gold sector [5][6]. - The ongoing international trade disputes contribute to market uncertainties, prompting companies to consider separate listings for overseas mining operations to mitigate risks [6].