Zijin GJ International (02259) will start its IPO from September 19th to September 24th and is expected to be listed on September 29th.

Zijin Gold International (02259) will be listed from September 19 to September 24, 2025. The company plans to globally offer 349 million shares, with 10% for sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option. The sale price is HK$71.59 per share, with a board lot of 100 shares. Trading of the shares is expected to commence on September 29, 2025, at 9:00 am on the Stock Exchange of Hong Kong. The company is one of the world's leading gold mining companies, formed by the integration of all gold mines (outside of China) owned by Zijin Mining Group. Leveraging Zijin Mining Group's competitive advantage in exploration, development, and operation of low-grade and difficult-to-extract resources, the company has become a global leader in gold mining, primarily engaging in exploration, mining, beneficiation, smelting, refining, and sales of gold. The company acquires and integrates high-quality gold mine resources globally, utilizing geological exploration, research and development, engineering, construction, mining operation capabilities, and international ESG systems to achieve sustainable increases in reserves, production, and efficient operation. As of the last feasible date, the company holds interests in 8 gold mines in gold-rich regions such as Central Asia, South America, Oceania, and Africa, including the Tajikistan Zhalau/Taror Gold Mine, the Kyrgyzstan Zaoan Gold Mine, the Norton Gold Field Gold Mine in Australia, the Aurora Gold Mine in Guyana, the Wurukika Gold Mine in Colombia (through a Colombian trust arrangement), the Rosebel Gold Mine in Suriname, the Akim Gold Mine in Ghana, and the Porgera Gold Mine in Papua New Guinea. Among these gold mines, the company controls and operates 7 gold mines and holds minority interests in the Porgera Gold Mine in Papua New Guinea. By adjusting the operational model for each mine's unique characteristics, the company produces gold concentrates, dore bars, and gold ingots. Through continuous resource development and operational efficiency improvements, the company has established a leading position in the global gold mining industry and achieved strong growth performance. The company started from acquiring the Tajikistan Zhalau/Taror Gold Mine in 2007 and expanded its business through global acquisitions, strengthening and expanding the operations of multiple large gold mines. According to Frost & Sullivan's data, as of December 31, 2024, the company ranks ninth globally in terms of gold reserves and eleventh in gold production. The compound annual growth rate of gold production from 2022 to 2024 reached 21.4%, faster than other major companies, with a compound annual growth rate of 61.9% in attributable net profit. The company has entered into cornerstone investment agreements with cornerstone investors who have agreed, subject to certain conditions, to subscribe or cause specified entities to subscribe for a certain number of offer shares at the offer price (rounded down to the closest whole board lot of 100 shares), with a total amount of approximately USD 1.6 billion. Based on the offer price of HK$71.59 per share (the offer price), cornerstone investors will subscribe for a total of 174 million offer shares, equivalent to 49.9% of the offer shares under the global offering and 6.6% of the issued shares after the completion of the global offering (assuming the over-allotment option is not exercised). Assuming the over-allotment option is not exercised and after deducting the underwriting commission and other estimated offering expenses payable by the company in connection with the global offering, the company estimates that the net proceeds from the global offering will be approximately HK$24.47 billion. Approximately 33.4% of the net proceeds are expected to be used to pay the acquisition cost of the Raygorodok Gold Mine in Kazakhstan. Approximately 50.1% of the net proceeds are expected to be used for upgrading and construction projects of existing mines over the next five years, to comprehensively enhance the company's production capacity. Approximately 6.5% of the net proceeds are expected to be used for exploration activities of all the company's operating mines over the next five years, to fully realize the company's growth potential. Approximately 10% of the net proceeds are expected to be used for general corporate purposes.