Zheng Quan Shi Bao·2025-10-20 12:54Core Viewpoint - The gold industry is experiencing a surge in IPOs on the Hong Kong Stock Exchange, driven by rising international gold prices and the strategic expansion of companies within the gold supply chain [1][3]. Group 1: Market Trends - International gold prices have reached historical highs this year, prompting a wave of IPOs from various companies in the gold supply chain [1][3]. - Despite a recent adjustment in domestic gold prices on October 20, the overall upward trend in gold prices throughout the year remains significant [3]. Group 2: Company Listings - Several gold-related companies have successfully listed on the Hong Kong Stock Exchange this year, including Zijin Gold International, Chow Tai Fook, and Chifeng Jilong Gold [3][4]. - Zijin Gold International, listed on September 30, 2023, is a leading global gold mining company with interests in eight gold mines across regions such as Central Asia and South America [3]. - Chifeng Jilong Gold went public on March 10, 2023, and operates seven gold and polymetallic mines across China, Southeast Asia, and West Africa [4]. Group 3: Financial Performance - Newly listed gold companies have generally performed well in the stock market, with significant increases in share prices compared to their initial offering prices [7]. - For instance, the stock price of Xipini has surged over four times its issue price, while Chifeng Jilong Gold has more than doubled, and Zijin Gold International has nearly achieved a 100% increase [7]. Group 4: Strategic Expansion - Companies are targeting the Hong Kong market to broaden their financing channels and accelerate their globalization efforts, as evidenced by their IPO prospectuses [8]. - Zijin Gold International plans to use its IPO proceeds for acquisitions and upgrades of mining operations, while Chow Tai Fook aims to enhance its production capacity through overseas expansion [8]. Group 5: Market Outlook - The Hong Kong market is expected to see a significant number of IPOs in 2025, with projections of 90 to 100 listings and fundraising exceeding HKD 200 billion [8]. - The surge in IPO activity is attributed to a combination of policy support, market conditions, and corporate demand, indicating a sustained interest in the gold sector [9].