Guan Cha Zhe Wang·2025-09-30 08:27Core Viewpoint - Zijin Gold International (02259.HK) officially listed on the Hong Kong Stock Exchange on September 30, becoming the second-largest IPO globally this year and the second-largest IPO in Hong Kong for the year [1][3]. Group 1: IPO Details - On its first trading day, Zijin Gold International's stock price surged over 68%, closing with a 70% increase at HKD 121.7 per share, resulting in a total market capitalization of HKD 319.3 billion [1]. - The company aimed to globally offer 349 million shares at a price of HKD 71.59 per share, raising approximately HKD 25 billion (around RMB 22.86 billion), making it the second-largest IPO this year after CATL's HKD 41 billion offering [6]. - The global offering represents approximately 13.3% of the company's total share capital post-IPO, with 10% allocated for public offering in Hong Kong and 90% for international placement [6]. Group 2: Use of Proceeds and Shareholder Benefits - The funds raised from the IPO will primarily be used to expand the company's operations in gold resource exploration, mining development, and refining, enhancing its competitiveness in the global gold market [6]. - Zijin Mining Group, the parent company, retains a controlling interest in Zijin Gold International, holding about 86.70% of the issued share capital [3][6]. - Existing H-share shareholders of Zijin Mining will have preferential subscription rights, allowing them to receive one reserved share of Zijin Gold International for every 344 H-shares held, ensuring the interests of the parent company's shareholders are protected [6]. Group 3: Investor Participation - The IPO attracted significant interest from major institutional investors, including the Government of Singapore Investment Corporation (GIC), Millennium Management LLC, and Hillhouse Capital, all of which confirmed their participation [6][7]. - BlackRock, Fidelity International, and Baillie Gifford are also expected to act as cornerstone investors, collectively anticipated to subscribe to about half of the IPO shares [7]. Group 4: Company Profile - Established in 2007 and headquartered in Hong Kong, Zijin Gold International specializes in gold exploration, mining, processing, and sales, with primary products including gold bars, alloy gold, and gold concentrates [7]. - As of the end of last year, the company held gold reserves of 856 tons, ranking ninth globally, and produced 40.4 tons of gold, placing it eleventh in global production [7].