Core Viewpoint - Zijin Gold International successfully listed on the Hong Kong Stock Exchange on September 30, with an issue price of HKD 71.59 per share, closing up 68.46%, and achieving a market capitalization of over HKD 310 billion. The company raised nearly HKD 25 billion, making it the second-largest IPO in Hong Kong this year, following CATL [1]. Group 1: Company Overview - Zijin Gold International was established in 2007 and is headquartered in Hong Kong, focusing on gold exploration, mining, processing, and sales, with main products including gold bars, refined gold, and gold concentrates [6]. - The company has a gold reserve of 27.5 million ounces (approximately 856 tons) and an annual production capacity of 1.3 million ounces (about 40.4 tons) for 2024, ranking 11th globally [6][7]. - Zijin Gold International's revenue for 2024 is projected to be USD 2.99 billion, with gold revenue accounting for 94.9% [6]. Group 2: Financial Performance - The company has a compound annual growth rate (CAGR) of 21.4% in gold production from 2022 to 2024, and a CAGR of 61.9% in net profit attributable to shareholders during the same period [7]. - Zijin Gold International's average acquisition cost from 2019 to 2024 is approximately USD 61.3 per ounce, significantly lower than the industry average of USD 92.9 per ounce [7]. - The all-in sustaining cost (AISC) for 2024 is projected to be USD 1,458 per ounce, ranking 6th lowest among the top 15 gold mining companies globally [7]. Group 3: Market Context - The listing of Zijin Gold International is part of a broader "gold IPO boom" in Hong Kong, with other companies like Chifeng Jilong Gold Mining and Zhouliufu Jewelry also successfully listing [8]. - Gold prices have surged this year, reaching historical highs, with a cumulative increase of 45%, outperforming all other major asset classes [7][8]. - Goldman Sachs projects that gold prices could rise to USD 4,000 per ounce by 2026 under baseline scenarios, and potentially reach USD 4,500 per ounce under tail risk scenarios [8]. Group 4: Strategic Initiatives - The funds raised from the IPO will be used to acquire the Raygorodok gold mine in Kazakhstan and to upgrade existing mining projects to enhance production capacity [6][7]. - Zijin Gold International has established a diversified portfolio of gold mining assets across key mineral belts globally, including high-grade mines in Colombia and Australia [10].

Core Viewpoint - Zijin Mining International has successfully completed its IPO in Hong Kong, raising approximately HKD 25 billion, making it the second-largest IPO in Hong Kong this year after CATL, with a market capitalization exceeding HKD 310 billion [1][12]. Group 1: Financial Performance - The company reported a projected gold production of 1.3 million ounces (approximately 40.4 tons) for 2024, ranking 11th globally [12]. - The revenue for 2024 is expected to reach USD 2.99 billion, with gold revenue accounting for 94.9% of total revenue [12]. - The compound annual growth rate (CAGR) for gold production from 2022 to 2024 is projected at 21.4%, positioning the company as a "growth pioneer" among the top fifteen gold mining companies globally [12][15]. Group 2: Resource and Cost Management - As of the end of 2024, the company's gold reserves are estimated at 27.5 million ounces (856 tons), ranking 9th in the global gold industry [15]. - The average acquisition cost from 2019 to 2024 is approximately USD 61.3 per ounce, significantly lower than the industry average of USD 92.9 per ounce [15]. - The average all-in sustaining cost (AISC) for 2024 is projected to be USD 1,458 per ounce, ranking 6th lowest among the top fifteen gold mining companies [15]. Group 3: Market Context and Future Outlook - The gold market has seen significant price increases, with gold prices reaching historical highs, and projections suggest prices could rise to USD 4,000 to USD 4,500 per ounce by 2026 [16]. - The company is strategically positioned to benefit from the ongoing "gold IPO boom" in Hong Kong, with several other gold-related companies also successfully listing [15][16]. - The acquisition of the Raygorodok gold mine in Kazakhstan is expected to further enhance the company's profitability and production capacity [16]. Group 4: Key Investors and Support - Zijin Mining International has attracted a strong cornerstone investor lineup, including GIC, Hillhouse, BlackRock, and others, with total subscriptions amounting to approximately HKD 12.4 billion [3].