Zijin Gold IPO Rockets in Hong Kong Debut as Gold Hits Record Highs

Zijin Gold International, the overseas gold business spun off from China’s Zijin Mining, made headlines with a blockbuster debut on the Hong Kong bourse—its share price leapt nearly 66 percent to trade well above the HK$70 offering level. The firm raised about $3.2 billion in its IPO, marking it as one of the top global listings of 2025. After opening at HK$71.59, the stock climbed toward HK$119 before pulling back slightly, ultimately closing with a gain around 60 percent.
Investor enthusiasm was evident across the board. Institutional orders exceeded allocation more than twentyfold, while the retail side was oversubscribed by nearly 241 times. Trading activity was intense, placing Zijin Gold among the day’s highest turnover names in Hong Kong. The strong performance came against a backdrop of soaring gold prices, which have rallied roughly 42 percent year to date—driven by macroeconomic uncertainty, inflation hedging, and attractive real returns.
By listing its overseas gold operations separately, Zijin aims to streamline capital access and execution. The parent company maintains its controlling stake, and the proceeds will be directed toward mine expansions, modernization, and strategic acquisitions. The IPO’s success not only underscores confidence in future gold demand but also revitalizes momentum in the Hong Kong listing market, particularly for resource-based names.
From a capital markets perspective, this IPO illustrates the powerful synergy between commodity cycles and investor appetite. With gold prices at record highs, deploying an IPO at this moment maximizes valuation and demand. The oversubscription metrics underscore strong institutional conviction, while retail frenzy supports narrative strength. For Hong Kong markets, it reinforces the city’s standing as a conduit for Chinese capital seeking global exposure.
On the operational side, the creation of a separate listed vehicle for overseas gold assets allows Zijin Mining to more cleanly allocate capital and manage risk. The parent retains scalable optionality, and any further acquisitions or divestitures within the gold portfolio can be executed under the lighter, growth-oriented shell. But going forward, Zijin will have to deliver on mining cost control, reserve augmentation, and governance transparency to maintain investor trust—especially in the volatile metals cycle.