证券时报·2025-10-03 04:25Core Viewpoint - The article highlights the significant market interest in Zijin Gold International (02259.HK) following its IPO, which has seen its stock price double within a few days, reflecting the bullish trend in the gold market [1][2]. Company Overview - Zijin Gold International was spun off from Zijin Mining Group, which has a market capitalization exceeding 780 billion yuan, consolidating all gold mining assets outside of China [2]. - The company specializes in gold exploration, mining, processing, and sales, inheriting management advantages from its parent company [2]. IPO Highlights - Zijin Gold International's IPO is noted as the largest in the global gold mining industry to date, as well as the largest overseas IPO by a Chinese mining company [2]. - The IPO was completed in just five months, setting records for both the first A-share gold company to list in H-shares and the first gold spin-off project by a large mining enterprise globally [2]. Index Inclusion - The company will be included in the Hang Seng Composite Index and related indices effective October 16, 2025, following its rapid inclusion announcement just two days after its listing [3][4]. Market Performance - The stock saw a remarkable subscription demand, with international placements achieving a 20.4 times subscription rate and Hong Kong public offerings reaching 240.7 times [4][5]. - On its second trading day, the stock price surged by 14%, exceeding 144 HKD per share, marking a significant increase from the IPO price of 71.59 HKD [7]. Gold Market Context - The article discusses the ongoing bull market for gold, with prices expected to continue rising due to various factors, including economic uncertainty and central bank purchases [12]. - Gold has become a key asset amid global economic and policy uncertainties, with a notable increase in demand driven by geopolitical factors and inflation expectations [12]. Parent Company Performance - Zijin Mining Group, the parent company, has also experienced substantial growth, with its stock price increasing by approximately 99.07% this year [13]. - The company is actively pursuing acquisitions, including a recent deal to acquire the Raygorodok gold mine in Kazakhstan for 1.2 billion USD, further expanding its international footprint [13][14].