Zijin Gold shares surged more than 60% on Tuesday as the Chinese miner’s international unit began trading in Hong Kong, raising nearly HK$25 billion ($3.2 billion). Shares were priced at HK$71.59, making it the world’s second-largest IPO of 2025 after CATL.
The debut, delayed by Super Typhoon Ragasa, comes as gold prices hit record highs amid global uncertainty and expectations of rate cuts. Spot gold reached $3,839.19 per ounce on Tuesday.
“Excitement around gold is boosting miners’ valuations,” said Theodore Shou of Skybound Capital.
Zijin Gold’s listing adds to Hong Kong’s IPO rebound, which raised HK$14.1 billion in the first half of 2025, up 695% from last year. Backed by investors including GIC, Hillhouse, and BlackRock, Zijin Gold will oversee the group’s overseas mining assets across Asia, South America, Oceania, and Africa.
Parent firm Zijin Mining, China’s largest gold producer, carved out the new unit as part of a broader restructuring. In 2024, it produced 1.3 million ounces of gold, ranking ninth globally.