Zheng Quan Shi Bao·2025-10-03 05:17Core Viewpoint - The recent surge in gold prices has led to significant market interest in gold stocks, particularly in Zijin Gold International, which has seen its stock price double since its listing on September 30, 2023, with a market capitalization exceeding HKD 360 billion [1][2]. Company Overview - Zijin Gold International was spun off from its parent company, Zijin Mining, which has a market capitalization of over HKD 780 billion. The new company consolidates all of Zijin Mining's gold mining assets outside of China, positioning itself as a leading global gold mining company [3]. - The IPO of Zijin Gold International set multiple records, including being the largest IPO in the global gold mining industry to date and the largest overseas IPO by a Chinese mining company [3][4]. Stock Performance - On its first trading day, Zijin Gold International's stock closed 68.46% higher than its issue price, ranking as the 10th largest first-day gain for new stocks on the Hong Kong market this year [4]. - The stock continued to rise, with a 14% increase on the second trading day, reaching a price of over HKD 144 per share, which is double its issue price of HKD 71.59 [5]. Market Context - The gold market is experiencing a bull run, with gold prices having risen 27% in 2024 and continuing to climb in 2025, with COMEX gold surpassing USD 3,900 per ounce [6]. - Factors driving gold prices include economic uncertainty, central bank purchases, and inflation expectations, which are expected to sustain demand for gold [7]. Parent Company Developments - Zijin Mining's stock has also performed well, with a year-to-date increase of approximately 99.07% [8]. - Zijin Mining announced plans to acquire the Raygorodok gold mine in Kazakhstan for USD 1.2 billion, marking its eighth significant gold resource acquisition since 2020 [8][9].