On Thursday, August 24th, 2023, a sign outside the Serbian Zijin Mining Complex, run by Zijin Mining Group Co., Serbia.
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Zijin Gold shares surged more than 60% on Tuesday. Chinese miners made their trading debut in Hong Kong following a strong initial public offering.
The company raised Hong Kong dollars (approximately $3.2 billion) and raised Hong Kong dollars (approximately $3.2 billion) at HKD $71.59, making it the world’s second largest IPO after a Battery Giant CATL listing earlier this year.
Zijin Gold’s debut was a day behind last week’s Super Typhoon Ragasa’s impact on Hong Kong, but it was a time when the yellow metal was reaching record high amid strong safe haven demand, expectations for interest rate cuts and uncertainty in the global economy.
This was “good timing” for Zijin Gold, according to Theodore Shou, chief investment officer at Skybound Capital. Spot Gold hit a fresh, high of $3,839.19 per ounce on Tuesday.
“The excitement around gold is now spreading to gold miners, which helps them achieve a big reputation,” he said.
Zijin Gold’s list is based on a revival in Hong Kong’s IPO market, which raised around $14.1 billion in the first half of this year, up 695% year-on-year from the same period in 2024.
The company is the overseas gold recruitment division of Zijin Mining, partially owned in China, which operates all of the gold mines of the group outside of China. Key investors in the IPO include Singapore’s sovereign wealth fund GIC, Hillhouse’s HHLRA, and BlackRock Fund.
Zijin Mining, the largest producer of mined gold in China, announced in April that it would open its overseas gold business into the New Zea Jin Gold Unit as part of a broader restructuring aimed at focusing on gold.
The group’s global footprint spans Central Asia, South America, Oceania and Africa. From exploration and development to processing, smelting, refining and sales, we are engaged in a complete chain of gold mining.
In 2024, Zijin Mining produced 1.3 million ounces (40.4 tons) of gold, ranking 9th in the world, according to the company’s estimates.
