Zijin Gold International Company Limited (2259.HK) has launched its Hong Kong IPO, with the subscription period running from September 19 to September 24. The company plans to globally offer approximately 348,990,700 shares, with a 15% over-allotment option. The offer price is set at HK$71.59 per share, with a board lot of 100 shares, bringing the minimum investment amount to about HK$7,231.19. The company is expected to be listed on the Main Board of the Hong Kong Stock Exchange on September 29. CITIC Securities and Morgan Stanley are joint sponsors.

Zijin Gold International: A Leading Global Gold Mining Company

Offering Structure: Hong Kong public offering of about 10% (34,899,100 shares), international placement of about 90% (314,091,600 shares).

Offer Price: HK$71.59 per share; 100 shares per board lot; minimum investment HK$7,231.19.

Offer Period: September 19–24 (pricing and allotment results expected on September 26).

Listing Date: September 29.

Sponsors: CITIC Securities and Morgan Stanley.

Company Overview

Zijin Gold International is the overseas gold business platform spun off from Zijin Mining Group, integrating major gold mine assets outside of China. The company operates eight gold mines across Central Asia, South America, Oceania, and Africa, holding controlling stakes in seven and minority interests in one. According to Frost & Sullivan, based on reserves as of end-2024, the company ranks as the world’s ninth-largest gold miner, and eleventh by output. Its 2024 gold production reached 1.3 million ounces (around 40.4 tons), with total reserves of 27.5 million ounces (about 856 tons) as of December 31, 2024.Driven by acquisitions and operational improvements, Zijin Gold International achieved a compound annual growth rate (CAGR) of 21.4% in gold production and 61.9% in net profit from 2022–2024, demonstrating robust growth momentum.

Financial Highlights

The prospectus shows revenues of US$1.818 billion, US$2.262 billion, and US$2.990 billion for 2022, 2023, and 2024 respectively, with net profits of US$184 million, US$230 million, and US$481 million. For 1H 2025, revenue reached US$1.997 billion with net profit of US$520 million. The company delivered a 21.4% ROE in 2024, with an all-in sustaining cost (AISC) of US$1,458 per ounce—ranking sixth lowest among the world’s top 15 gold producers.Based on the offer price of HK$71.59 and assuming the over-allotment option is not exercised, net proceeds are expected to be allocated as follows: around 40% for continued exploration and reserve expansion, 30% for upgrading mining facilities and efficiency, 20% for debt repayment, and 10% for working capital.

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This promotion is effective from 20 May 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

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