HONG KONG — Zijin Gold International, the overseas gold-mining arm of China’s largest mined gold producer, Zijin Mining, saw its shares skyrocket by over 60% on Tuesday in its highly anticipated Hong Kong trading debut. The massive jump underscores robust international investor confidence in the gold sector, fueled by the metal’s ascent to record highs.
The debut came just a day later than scheduled, following last week’s impact from Super Typhoon Ragasa on the city. Despite the minor delay, the listing proved to be a major success for both the company and the recovering Hong Kong IPO market.
World’s Second-Largest IPO of the Year
The company successfully raised nearly HKD$25 billion (approximately $3.2 billion), pricing shares at HKD$71.59 apiece. This makes it the world’s second-largest Initial Public Offering of the year, following only battery giant CATL’s listing, also in Hong Kong. This performance cements the city’s role in a notable resurgence of the IPO market, which collectively raised about $14.1 billion in the first half of 2025—a staggering 695% year-on-year increase from the same period in 2024.
Gold Rally Fuels Valuation
The extraordinary debut comes as the price of the precious metal continues to break records. Spot gold hit a fresh all-time high of $3,839.19 per ounce on Tuesday.
“That excitement around gold is now spread across the gold miners, which is helping them to achieve great valuation,” said Theodore Shou, chief investment officer at Skybound Capital, noting the “good timing” of the IPO.
Gold prices have been propelled by a cocktail of market factors, including strong safe-haven demand amid global economic uncertainty, expectations of rate cuts, and continuous buying from central banks. Zijin Gold’s parent, partially state-owned Zijin Mining, is the largest gold producer in China, and the new international unit manages its gold operations across Central Asia, South America, Oceania, and Africa.
High-Profile Cornerstone Investors
The IPO attracted significant backing from global institutional heavyweights, including Singapore’s sovereign wealth fund GIC, Hillhouse’s HHLRA, and BlackRock Funds, signaling strong institutional validation of the company’s growth prospects and the long-term outlook for gold.
Zijin Gold, which engages in the full value chain of gold mining—from exploration to sales—is leveraging the spin-off to sharpen its focus on gold and diversify its financing channels, supporting its global footprint. The parent company, Zijin Mining, produced 1.3 million ounces of gold in 2024, positioning the new unit as a key player in the global gold mining landscape.
