紫金矿业，重磅大动作！

Core Viewpoint - Zijin Mining plans to spin off its wholly-owned subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and capital market expansion [1][2]. Group 1: Spin-off Details - The spin-off will involve the issuance of no more than 15% of Zijin Gold International's total share capital post-issuance, with an additional 15% over-allotment option for underwriters [2]. - The assets to be spun off include eight world-class gold mines located in South America, Central Asia, Africa, and Oceania, with a total gold resource of approximately 1,799.79 tons and an annual production of 46.22 tons [3][4]. Group 2: Financial and Operational Impact - The spin-off is expected to enhance Zijin Gold International's ability to raise funds in international markets, particularly as global demand for gold rises amid high inflation and geopolitical risks [5]. - Zijin Mining's recent financial performance shows strong growth, with a reported revenue of 303.64 billion yuan in 2024, a year-on-year increase of 3.49%, and a net profit of 32.05 billion yuan, up 51.76% [6]. Group 3: Market Context - The spin-off aligns with a broader trend of A-share companies seeking listings in Hong Kong, driven by improved market conditions and liquidity, which may lead to a shift in asset pricing power towards Hong Kong [4]. - The global gold investment demand is projected to reach 1,180 tons in 2024, reflecting a 25% year-on-year increase, indicating a robust market for gold-related investments [5].