Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource companies going public [1][2] - Zijin Gold International, a spin-off from Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [3][4] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [3][5] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, while Jiexin International Resources is notable for being dual-listed in both Hong Kong and Kazakhstan [3][4] Group 3 - Several resource companies, including Jinxun Co., Zhihui Mining, and Jinyan High-tech, are currently in the process of seeking IPOs in Hong Kong, primarily to develop international markets and acquire overseas projects [4][5] - The trend indicates a growing preference for the Hong Kong capital market among resource companies due to its internationalization and diverse investor base [4][5]

Group 1 - The Hong Kong IPO market has been active since 2025, with notable listings in the biopharmaceutical, technology, and consumer sectors, as well as a significant increase in resource-based companies going public [1][2] - Zijin Gold International, a spin-off of Zijin Mining Group, is set to launch its IPO on September 29, 2025, with an expected fundraising of approximately HKD 249.84 billion, making it the second-largest IPO in Hong Kong this year [2][3] - The funds raised by Zijin Gold International will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities [2][3] Group 2 - Since 2025, three resource-based companies have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with unique listing strategies [4][5] - Chifeng Jilong Gold Mining adopted a "A-share first, then H-share" model, aiming to enhance its international presence and attract global investment [4][7] - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [4][7] Group 3 - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to dual-list in both Hong Kong and the Astana International Exchange, with significant tungsten resources [5] - Several resource-based companies, including Jinxun Co., Zhihui Mining, and Innovation International, are currently in the pipeline for IPOs in Hong Kong, primarily aiming to develop international markets and acquire overseas projects [6][7] - The trend of resource companies seeking Hong Kong listings reflects a strategy to enhance governance, competitiveness, and market influence in the context of globalization and the Belt and Road Initiative [7]

Core Viewpoint - The Hong Kong IPO market has been thriving since 2025, with notable listings from sectors such as biomedicine, technology, and consumer goods, alongside a significant increase in resource-based companies seeking to go public [1][2]. Group 1: Recent IPOs - Zijin Gold International, a spin-off from Zijin Mining Group with a market cap exceeding 600 billion yuan, is set to launch its IPO, aiming to raise approximately 24.984 billion HKD, making it the second-largest IPO in Hong Kong this year after CATL [3][4]. - The IPO price for Zijin Gold International is set at 71.59 HKD per share, with the net proceeds intended for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, and general corporate purposes [3][4]. Group 2: Characteristics of Listed Companies - The article highlights three resource-based companies that have successfully listed in Hong Kong: Chifeng Jilong Gold Mining, Nanshan Aluminum International, and Jiexin International Resources, each with distinct listing strategies [5]. - Chifeng Jilong Gold Mining is the first A-share company to adopt the "A first, then H" model for its Hong Kong listing, aiming to enhance its international presence and attract global investment [5]. - Nanshan Aluminum International focuses on developing and procuring bauxite and coal resources in Indonesia, utilizing a low-temperature Bayer process for alumina production [5]. - Jiexin International Resources, based in Kazakhstan, is notable for being the first company to have dual primary listings in both Hong Kong and Kazakhstan's Astana International Exchange [5]. Group 3: Upcoming Listings - Several resource-based companies are currently in the pipeline for IPOs in Hong Kong, including Jinxun Co., Zhihui Mining, Innovation International, Jinyan High-tech, and Jianbang High-tech, all of which submitted their applications this year [7]. - The primary motivation for these companies to seek listings in Hong Kong is to develop international markets and acquire overseas projects, leveraging the diverse investor base available in the Hong Kong capital market [8][9].

Company Overview - Zijin Gold International is a leading global gold mining company, integrating all gold mines owned by Zijin Mining outside of China, primarily engaged in gold exploration, mining, processing, smelting, refining, and sales[1] - As of the last feasible date, the company holds interests in 8 gold mines located in resource-rich areas across Central Asia, South America, Oceania, and Africa[6] Industry Status and Growth - Global gold demand is expected to grow steadily, with a compound annual growth rate (CAGR) of 5.8% from 2020 to 2024, driven by increased central bank reserves and investment demand[28] - Global gold production is projected to experience moderate growth, with a 2024 output of 116.3 million ounces, reflecting a CAGR of 1%[30] Financial Performance - The company reported revenues of $1,818.0 million, $2,262.4 million, and $2,989.9 million for the years 2022, 2023, and 2024, respectively, with a CAGR of 28.2%[25] - Net profit attributable to shareholders for the same years was $183.7 million, $230.4 million, and $481.4 million, achieving a CAGR of 61.9%[25] Production and Cost Efficiency - The company ranks first among the top fifteen global gold producers in terms of production growth rate, with a CAGR of 21.4% from 2022 to 2024[6] - The all-in sustaining cost (AISC) for gold production is approximately $1,458 per ounce, placing the company in the lower tier among its peers[19] IPO and Capital Utilization - The IPO is set for September 29, 2025, with a total issuance amount of approximately HKD 249.84 billion, and net proceeds expected to be HKD 244.70 billion[5] - Approximately 33.4% of the net proceeds will be used to acquire the Raygorodok gold mine in Kazakhstan, while 50.1% will fund upgrades and construction projects for existing mines[8] Strategic Advantages - The company possesses strong geological exploration capabilities and cost-effective expansion construction, driving sustainable organic growth[3] - A visionary management team with extensive expertise and global insights supports the company's strategic direction and operational excellence[3] Risks and Challenges - Fluctuations in gold prices may adversely affect the company's performance, alongside geopolitical and operational risks associated with operating in multiple countries[4] - The company faces uncertainties related to exploration results and potential illegal mining activities[4]

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Group 1 - The company, Zijin Mining International (02259.HK), plans to globally offer 349 million shares, with 34.89 million shares available in Hong Kong and 314 million shares for international sale, along with an overallotment option of 52.35 million shares [1] - The subscription period for the shares is from September 19 to September 24, with a maximum offer price of HKD 71.59 per share and an entry fee of approximately HKD 7,231.19 for a board lot of 100 shares [1] - The total expected fundraising amount is HKD 24.984 billion, with a net amount of HKD 24.470 billion, which will be used for upgrading existing mines, acquiring the Raygorodok gold mine in Kazakhstan, general corporate purposes, and exploration activities across all mining operations [1] Group 2 - The company is a leading global gold mining company formed by integrating all gold mines of Zijin Mining (601899) outside of China, inheriting management advantages in low-grade and difficult-to-extract resource exploration, development, and operation [2] - The company focuses on gold exploration, mining, ore processing, smelting, refining, and sales, leveraging global acquisitions to integrate high-potential gold mining resources [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are USD 230 million, USD 481 million, and USD 520 million, respectively, with year-on-year growth rates of 25.43%, 108.94%, and 142.69% [2]

紫金黄金国际预计于2025年9月29日在主板上市，摩根士丹利亚洲有限公司、中信证券（香港）有限公 司为联席保荐人。 公司是紫金矿业的所有黄金矿山(除中国之外)整合而成的全球领先黄金开采公司，公司继承了紫金矿业 在低品位难采选资源勘查、开发及运营的管理竞争优势，成为一家全球领先的市场化的黄金开采公司， 主要从事黄金的勘查、开采、选矿、冶炼、精炼及销售。公司通过全球併购整合高潜力黄金矿山资源， 并运用行业领先的自主地质勘查、研发、工程、建设和矿山运营能力，以及先进的国际环境、社会和治 理(「ESG」)系统，使公司能够实现持续增储增产与高效运营。 公司2023年度、2024年度、2025年半年度截至6月30日止，净利润分别为2.30亿美元、4.81亿美元、5.20 亿美元，同比变动幅度为25.43%、108.94%、142.69%。（数据宝） 紫金黄金国际(02259.HK)发布公告，公司拟全球发售3.49亿股股份，其中香港发售股份3489.91万股，国 际发售股份3.14亿股，另有5234.86万股超额配股权。招股日期为9月19日至9月24日，最高发售价71.59 港元，每手买卖单位100股，入场费约7231.1 ...

Core Viewpoint - Zijin Mining is planning to spin off its international gold mining business, Zijin Gold International, for an IPO amid rising gold prices, aiming to raise up to $3 billion [2][3][4]. Group 1: IPO Details - Zijin Gold International has adjusted its fundraising target from $1 billion to $3 billion due to increasing valuations in the gold sector [2]. - The IPO is expected to be one of the largest in Hong Kong this year, potentially becoming the most significant financing operation in the gold sector in recent years [3][4]. - The funds raised will be used for global gold mine acquisitions, enhancing existing mine capacities, and expanding exploration [2]. Group 2: Market Performance - Since the announcement of the spin-off, Zijin Mining's stock price has increased by over 43.5%, reaching a high of 26.35 yuan per share [4]. - The company's stock has seen a maximum increase of 121.66% this year, reflecting strong market interest in gold assets [4]. Group 3: Financial Projections - Zijin Gold International's revenue is projected to grow from $1.818 billion in 2022 to $2.990 billion in 2024, with a compound annual growth rate of 28.2% [7]. - The average gold price for Zijin's mines reached $3,085 per ounce in the first half of the year, contributing to a 42.36% year-on-year revenue increase [7]. Group 4: Operational Challenges - Despite rising revenues, Zijin Gold International faces high mining costs, projected at $1,581 per ounce in 2024, which could pressure profit margins [8]. - The company also faces operational risks from illegal mining activities and land disputes, particularly in politically unstable regions [8]. Group 5: Strategic Implications - The spin-off is seen as a strategic move to enhance the valuation of Zijin's gold business independently from its other metal operations [9][12]. - The separation allows Zijin Gold International to attract long-term investments and provides flexibility for the parent company in its other business segments [12].

紫金黄金国际将于2025年9月19日至9月24日招股，发行3.49亿股，每股定价71.59港元。预计9月29日在 联交所上市。 公司整合了紫金矿业在中国以外的黄金矿山资源，是一家全球领先的黄金开采公司，业务遍及中亚、南 美洲、大洋洲和非洲。截至最后可行日期，公司持有8座黄金矿山的权益，其中7座由公司控制和运营。 截至2024年12月31日，公司的黄金储量和黄金产量分别位居全球第九和第十一。 2022年至2024年，公司黄金产量的复合年增长率为21.4%，归母净利润的复合年增长率为61.9%。 公司已与基石投资者签订协议，计划认购总额约16亿美元的发售股份。此次发售所得款主要用于收购新 矿山、升级现有矿山、勘探活动及一般公司用途。 （文章来源：证券时报网） ...

Core Viewpoint - Zijin Mining International (02259.HK) plans to globally offer approximately 349 million shares, with a share price set at HKD 71.59, aiming to raise around HKD 24.47 billion [1][4] Group 1: Company Overview - Zijin Mining International is a leading global gold mining company formed by integrating all gold mines of Zijin Mining outside of China, focusing on exploration, mining, processing, smelting, refining, and sales of gold [1] - The company holds interests in eight gold mines located in resource-rich regions such as Central Asia, South America, Oceania, and Africa, controlling and operating seven of these mines [2] Group 2: Share Offering Details - The global offering includes approximately 34.9 million shares for Hong Kong and about 314 million shares for international distribution, with the offering period from September 19 to September 24, 2025 [1] - The cornerstone investors have agreed to subscribe for shares totaling approximately USD 1.6 billion (or about HKD 12.47 billion), representing around 49.9% of the global offering shares [2][3] Group 3: Use of Proceeds - The estimated net proceeds from the global offering will be approximately HKD 24.47 billion, with allocations planned as follows: about 33.4% for acquiring the Raygorodok gold mine in Kazakhstan, 50.1% for upgrading and construction projects at existing mines, 6.5% for exploration activities, and 10% for general corporate purposes [4]