2 1 Shi Ji Jing Ji Bao Dao·2025-09-30 07:06Core Viewpoint - Zijin Mining's subsidiary, Zijin Gold International, successfully listed on the Hong Kong Stock Exchange, marking a significant milestone in the gold sector amid a global surge in gold prices [1][2]. Group 1: IPO Details - Zijin Gold International's shares opened at HKD 111.5, a 55.75% increase from the issue price of HKD 71.59, and reached a midday high of HKD 115.1, representing a 60.78% gain [1]. - The IPO raised a total of HKD 24.984 billion, making it the second-largest IPO in Hong Kong for 2025, following CATL [1]. - The public offering was oversubscribed by over 190 times, with total funds frozen exceeding HKD 480 billion [1]. - The listing process was notably efficient, taking only three months from application to listing [1]. Group 2: Company Overview - Zijin Gold International serves as Zijin Mining's platform for overseas gold asset integration, operating eight mines across Central Asia, South America, and Africa [1]. - As of the end of 2024, the company is projected to have gold reserves of 856 tons and an annual production of 40.4 tons, ranking ninth and eleventh globally, respectively [1]. Group 3: Market Context - The year 2025 has seen a "gold rush," with gold prices hitting record highs, including a peak of USD 3,800 per ounce, and a cumulative increase of 45% [2]. - Other gold-related companies, such as Chifeng Jilong Gold Mining and Chow Tai Fook, have also successfully listed on the Hong Kong Stock Exchange, indicating a broader trend in the market [2]. - Goldman Sachs forecasts that gold prices could rise to USD 4,000 per ounce by 2026 under baseline scenarios, with potential peaks of USD 4,500 in risk scenarios [2].