智通财经网·2025-09-20 08:14Core Viewpoint - The rising international gold prices have led to increased attention on Zijin Mining's spin-off of its high-growth gold business, Zijin Gold International, for a Hong Kong IPO Group 1: IPO Details - Zijin Gold International's IPO has attracted 29 cornerstone investors, collectively subscribing for $1.6 billion of the offering shares [1] - Notably, the only industrial capital participating in the IPO is from Shandong Gold Mining's subsidiary, which subscribed for 3.2655 million shares, accounting for 0.94% of the total offering [1] Group 2: Key Investors - Major cornerstone investors include GIC, Hillhouse, BlackRock, and Schroders, with GIC and Hillhouse each investing $150 million, representing 4.68% of the offering shares [2] - Other significant investors include Baillie Gifford, China Pacific Insurance, and Taikang Life, each investing $60 million, representing 1.87% of the offering shares [2] Group 3: Strategic Partnerships - Shandong Gold Mining and Zijin Mining have a deep-rooted relationship, with Zijin Mining acquiring a 20% stake in Shandong Gold Mining for 4.06 billion yuan at the end of 2022 [3] - Both companies are jointly developing the largest single gold mine in China and the first offshore gold mine, with Shandong Gold Mining holding 70% and Zijin Mining 30% of the offshore gold mine [3] Group 4: Growth Potential - Zijin Gold International is projected to have significant growth, with a compound annual growth rate (CAGR) of 61.9% in net profit from 2022 to 2024, and is expected to rank ninth globally in gold reserves and eleventh in gold production by the end of 2024 [6] - The offshore gold mine is expected to achieve an annual production of over 15 tons of gold once fully operational by the end of 2027 [3]