Zijin Gold International Co, the overseas arm of China’s leading gold miner, soared in its first trading session in Hong Kong following a landmark initial public offering that raised $3.2 billion. The listing marks the world’s largest IPO since May and comes amid sustained enthusiasm for the precious metals sector.
Shares of Zijin Gold opened at HK$111.50 on Tuesday, leaping 56% above their IPO price of HK$71.59, after already climbing in the city’s gray market on Monday. The fundraising effort placed nearly 25 billion Hong Kong dollars ($3.2 billion) worth of shares with investors, valuing the company at HK$187.9 billion ($24 billion), and eclipsing the scale of Canadian mining major Teck Resources Ltd.
This debut places Zijin Gold as the year’s second-largest IPO globally, trailing only the earlier listing of battery manufacturer CATL. The strong market entry highlights buoyant investor confidence in gold, as prices of the precious metal continue their extended rally, providing significant momentum for mining firms to secure capital.
The successful offering also marks a win for the Hong Kong Special Administrative Region, which now hosts the world’s two largest public listings of 2025. This supports a robust recovery in the city’s IPO market, with proceeds on track to reach the highest level in four years.
Spot Gold continues to climb on Tuesday to unprecedented highs, as mounting expectations for a Federal Reserve interest rate cut combined with renewed anxieties over a potential U.S. government shutdown, sending the precious metal soaring to as high as $3,850 per ounce.
According to the CME FedWatch Tool, traders are now pricing in a 90% likelihood of a 25 basis-point rate cut in October, and a 65% chance of a similar move in December.