Zijin Mining(SH:601899) 21世纪经济报道·2025-09-23 00:08Core Viewpoint - The article discusses the upcoming IPO of Zijin Gold International, a subsidiary of Zijin Mining, highlighting its potential market value and the strategic implications for the company and its shareholders [1][3]. Group 1: IPO Details - Zijin Gold International plans to issue between 349 million to 401 million shares at a price of HKD 71.59 per share, which could result in a market capitalization of approximately HKD 187.85 billion post-listing [1][4]. - The expected annual net profit for Zijin Gold International is estimated at around USD 1.04 billion, leading to a price-to-earnings ratio of about 23 times, significantly higher than Zijin Mining's current valuation of around 15 times [1][6]. Group 2: Market Impact - The IPO is set to be the second-largest in the Hong Kong market this year, raising approximately HKD 24.985 billion, which will support Zijin Mining's future resource acquisitions [8]. - The total market capitalization of the "Zijin system," including Zijin Mining, Zijin Gold International, and other strategic investments, is approaching RMB 1 trillion [5][10]. Group 3: Strategic Positioning - The listing of Zijin Gold International is part of Zijin Mining's broader strategy to enhance its market value and asset securitization, particularly during a rising gold price cycle [3][6]. - Zijin Gold International will focus on overseas gold operations, while Zijin Mining continues to manage various domestic assets, indicating a strategic separation of operations [10][11].