Zijin Gold International made a striking entrance to the Hong Kong Stock Exchange on Tuesday, with shares surging 66% during its debut trading session. The gold-focused subsidiary of Zijin Mining raised $3.2 billion in Asia's latest blockbuster IPO, marking 2024's second-largest public offering globally after battery giant CATL.
The company priced 349 million shares at HK$71.59 ($9.2) each ahead of its market debut. Early trading saw prices climb to HK$119 per share, propelling Zijin Gold's market valuation to HK$302.02 billion ($38.7 billion). Analysts attribute the strong performance to renewed investor confidence in gold as a safe-haven asset amid global economic uncertainties.
As the international arm of China's largest gold producer, Zijin Gold manages all overseas operations for its parent company. The listing comes as Asian markets see increased activity in commodity-related stocks, with precious metals gaining attention from both institutional investors and central banks diversifying reserves.
