China’s Zijin Gold International is seeking to raise $3.2 billion through a Hong Kong initial public offering, in what could become the city’s largest listing since 2021. The share sale underscores both a resurgence in Hong Kong’s equity market and investors’ appetite for gold as the precious metal continues a powerful rally.
The wholly owned overseas unit of Zijin Mining plans to sell 349 million shares at HK$71.59 apiece, with trading scheduled to begin on September 29. If overallotment options are exercised, the offering could swell to HK$28.7 billion ($3.7 billion), valuing the company at $24.6 billion.
“This is a total bull market for gold plays. Momentum is strong. You have long-only support,” noted David Blennerhassett, strategist at Ballingal Investment Advisors, in a research note. He added that a $24 billion market capitalization for Zijin Gold is “reasonable” given current demand.
The listing is expected to be the largest in Hong Kong since JD Logistics’ $3.6 billion debut in May 2021 and, if fully upsized, the biggest since Kuaishou Technology’s $6.2 billion raise earlier that year.
The deal comes amid renewed momentum for Hong Kong’s capital markets, where total IPO fundraising has already climbed to $18.5 billion in 2025, surpassing last year’s $11.3 billion.
Just this week, Chinese automaker Chery launched its own listing, targeting up to $1.2 billion. Analysts say the return of mega IPOs highlights growing confidence as Chinese firms leverage Hong Kong’s international access alongside booming domestic listings.
Zijin’s offering is riding the wave of a gold price rally, with the metal up nearly 39% this year. Known as a safe-haven asset, gold has benefited from lingering global uncertainty and the prospect of prolonged lower interest rates. The company’s prospectus projects global gold demand will expand at a 3.2% compound annual growth rate between 2024 and 2030.
The IPO has already attracted heavyweight cornerstone investors who committed about $1.6 billion worth of shares. Singapore’s sovereign wealth fund GIC and private equity giant Hillhouse each pledged $150 million. Global asset managers BlackRock and Schroders will invest $120 million apiece.
Zhaojin Mining, one of Zijin’s industry peers, also subscribed $30 million. Joint sponsors of the offering are Morgan Stanley and CITIC Securities.
Proceeds from the listing will be used to upgrade existing mines and strengthen Zijin’s overseas portfolio over the next five years, the company said.
Shares of parent company Zijin Mining edged higher Friday, up 0.8% in Shenzhen and 0.5% in Hong Kong.
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