China鈥檚 Zijin Gold International is raising HK$25 billion (US$3.2 billion) in Hong Kong, according to a Friday prospectus for an initial public offering poised to be one of the world鈥檚 largest this year.
Its listing comes at a time when gold prices are hitting record highs, as demand for safe-haven assets surges amid broader market volatility.
Zijin Gold is offering nearly 349 million shares at HK$71.59 each, with trading scheduled to begin on September 29.
The firm is wholly owned by Zijin Mining, one of the world鈥檚 biggest mining firms, which operates over 30 large mining projects across 17 countries as of December 2024.
Zijin Gold holds interests in eight mines located in gold-rich regions across Central Asia, South America, Oceania and Africa, the company said.
Proceeds from the IPO will be used to settle the acquisition of a gold mine in Kazakhstan, as well as for upgrading and constructing existing mines over the next five years, the company said.
According to the prospectus, cornerstone investors 鈥� including Singapore鈥檚 investment firm GIC, Hillhouse, and asset managers BlackRock and Schroder 鈥� have subscribed for about $1.6 billion worth of shares.
Zijin Gold鈥檚 offering comes months after battery giant CATL鈥檚 blockbuster debut, which was the world鈥檚 largest so far this year.
Chinese automaker Chery is also seeking to raise up to $1.2 billion on the Hong Kong stock exchange this month, adding to the Chinese financial hub鈥檚 listing fortunes.
Hong Kong has weathered a prolonged slump in IPOs since 2020, with many major firms putting their listing plans on hold in light of a regulatory crackdown by Beijing.
But as more Chinese companies look to list in the city to raise overseas capital amid broader geopolitical tensions, analysts expect the city to bounce back this year.
