2 1 Shi Ji Jing Ji Bao Dao·2025-09-22 09:57Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, is set to go public with an expected market capitalization of approximately HKD 187.85 billion, significantly enhancing the valuation of Zijin Mining's gold assets [1][3]. Group 1: IPO Details - Zijin Gold International plans to issue between 349 million to 401 million shares, representing approximately 13.3% to 15% of the total shares post-IPO, at a price of HKD 71.59 per share [1][2]. - The IPO is expected to raise between HKD 249.85 billion, making it the second-largest IPO in the Hong Kong market this year [8]. - Following the IPO, Zijin Gold International's total shares will reach 2.624 billion, leading to a projected market value of HKD 187.85 billion, equivalent to about RMB 172 billion [3]. Group 2: Financial Performance - For the first half of 2025, Zijin Gold International reported revenues of USD 1.997 billion and a net profit of USD 520 million, with an annualized net profit estimate of approximately USD 1.04 billion [6]. - The expected price-to-earnings ratio post-IPO is around 23.2 times, which is significantly higher than Zijin Mining's current valuation of about 15 times [6]. Group 3: Strategic Implications - The IPO is part of Zijin Mining's broader strategy to enhance its market value and asset securitization, with expectations of increasing shareholder value [2]. - The formation of a capital matrix, including Zijin Mining A-shares, Cangge Mining A-shares, and Zijin Gold International H-shares, is anticipated to approach a total market value of RMB 1 trillion [1][5]. - Zijin Gold International is expected to focus on international gold operations, while Zijin Mining will continue to explore resource acquisitions to support growth [9][10].