Sou Hu Cai Jing·2025-09-19 06:10Group 1 - The core viewpoint of the article is that Zijin Mining's subsidiary, Zijin Gold International, is set to launch an IPO on the Hong Kong Stock Exchange, aiming to raise approximately HKD 24.47 billion for various strategic investments and operational enhancements [2][5][7] - Zijin Gold International will offer 349 million shares, representing 13.30% of the enlarged share capital, with a potential total of 401 million shares if the over-allotment option is exercised, equating to 15.00% of the enlarged share capital [2] - The IPO price is set at HKD 71.59 per share, leading to an estimated market capitalization of around HKD 187.9 billion, while its parent company, Zijin Mining, has a current market value of HKD 756.4 billion [2][3] Group 2 - Zijin Gold International focuses on overseas gold mining operations, holding interests in eight gold mines across regions such as Central Asia, South America, Oceania, and Africa, with significant ownership stakes in most of these mines [3][4] - The company has demonstrated strong financial growth, with a projected compound annual growth rate (CAGR) of 28.2% in revenue from 2022 to 2024, reaching USD 2.9899 billion in 2024, and a CAGR of approximately 61.9% in net profit, expected to reach USD 481 million in the same year [4] - Major shareholders include Zijin Mining, which will retain an 86.70% stake post-IPO, and cornerstone investors such as GIC, Hillhouse Capital, and BlackRock, who have committed to invest at least USD 120 million [6] Group 3 - The funds raised from the IPO will be allocated as follows: approximately 33.4% (or HKD 81.82 billion) for acquiring the Raygorodok gold mine in Kazakhstan, about 50.1% (or HKD 122.50 billion) for upgrades and construction at existing mines over the next five years, and around 6.5% (or HKD 15.91 billion) for exploration activities at all operational mines [8] - The IPO is scheduled for public offering from September 19 to September 24, 2025, with shares expected to commence trading on September 29, 2025 [2][7]