New stock news | Shanjin International Gold (000975.SZ) submits its prospectus to the Hong Kong Stock Exchange for the second time, ranking sixth in gold production among Chinese manufacturers.

According to the disclosure by the Hong Kong Stock Exchange on March 27, Shanjin International Gold Limited (referred to as "Shanjin International Gold") submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC, CICC, and UBS Group as its joint sponsors. The company had previously submitted the application on September 24, 2025. Company Overview According to the prospectus, Shanjin International Gold (000975.SZ) is one of the leading gold producers in China, mainly engaged in the exploration, mining, and smelting of gold, silver, lead, zinc, and other precious metals, as well as metal trading business. The company ranks sixth in gold production among China National Gold Group Gold Jewellery producers and fourth in gold reserves among China National Gold Group Gold Jewellery producers. During the historical period, the company's gold resources saw significant growth, with gold resources reaching 280.9 tons (9,032.3 thousand ounces) as of December 31, 2025, almost doubling from 146.7 tons (4,715.3 thousand ounces) as of December 31, 2023. For the year ending December 31, 2025, the company's all-in sustaining cost for gold was $902.3 per ounce, placing it in the top 10% of global gold mining all-in sustaining cost curve. The company's main products include gold, lead concentrate (including silver), and zinc concentrate (including silver), primarily sold to downstream smelting companies. Currently, the company owns and operates six mining enterprises in China and Namibia, including six mining licenses under five gold mining enterprises, 26 exploration licenses, and seven applied exploration licenses, as well as three mining licenses and six exploration licenses under one polymetallic mining enterprise. Qinghai Dachaidan is located in a key mineralization area with characteristics such as thick ore bodies and excellent mineralization conditions. Its resource potential is expected to further increase from the current level of 84.4 tons (2,712.2 thousand ounces) to an annual gold production of over 4.6 tons (148.1 thousand ounces). Jilin Banmiaozi has strong domestic production and operation capabilities, with a 2025 all-in sustaining cost of $900.5 per ounce, leading other gold mines with similar resource endowments. In terms of future development plans, the company is actively advancing the transformation of the Banshigou exploration rights into mining rights to supplement future production with reserve resources. Heihe Luohe has a high-grade gold mine in China, with a grade of 4.55 grams per ton, and a 2025 all-in sustaining cost of $507.6 per ounce. In terms of future development plans, exploration activities are accelerating within the existing license area, with efforts to convert exploration licenses into mining licenses. Yulong Mining's subsidiary mines are among the largest in the country in terms of single silver production and reserves, with silver reserves of 7,860.8 tons (252,731.0 thousand ounces) and an annual production capacity of over 175.0 tons (5,626.5 thousand ounces). With the completion of mines such as Bayan Wundu Ri, annual silver production is expected to increase by more than 83.5 tons (2,684.6 thousand ounces). The company's customers include downstream smelting companies and metal traders. During the historical periods ending on December 31, 2023, 2024, and 2025, revenue from the top five customers in each period accounted for 51.6%, 42.4%, and 41.0% of total revenue for the respective periods. The prospectus highlights risks, as the price of gold has fluctuated significantly in the past, and changes in gold prices can affect the company's profitability and operating cash flow, while exploration results carry uncertainties. Financial Information Revenue For the years 2023, 2024, and 2025, the company generated revenues of approximately RMB 80.95 billion, RMB 135.8 billion, and RMB 170.9 billion, respectively. Profit For the years 2023, 2024, and 2025, the company's annual profits were approximately RMB 15.66 billion, RMB 24.38 billion, and RMB 32.82 billion, respectively. Industry Overview Gold is a precious metal used for coinage, jewelry, and high-tech manufacturing. The gold industry chain includes upstream raw materials and equipment supply, midstream gold mining, processing, refining, and downstream use for jewelry, industrial/technological purposes, investment, and central bank reserves. Gold recycling provides additional supply outside gold mining production. Global Gold Demand Global gold demand experienced fluctuations from 2021 to 2025, with a slight decline after 2022, growing at a compounded annual growth rate of 5.6%, and showing accelerated growth trajectory since 2024. It is estimated that by 2030, global gold demand will reach 195.0 million ounces. From 2021 to 2025, gold demand in China grew at a compounded annual growth rate of -4.2%. During this period, China's gold demand fluctuated, mainly influenced by changes in investment and consumption demand. From 2025 to 2030, China's demand for China National Gold Group Gold Jewellery is expected to remain stable, with a compounded annual growth rate of 0.2%. Major demand growth is expected to come from investment-related demand. Gold Supply and Resources From 2021 to 2025, global gold reserves continued to rise steadily. Additionally, as the global economy recovers and grows, demand for various resources is steadily increasing, prompting industries to increase investments in resource development. From 2021 to 2025, global gold reserves increased from 1,704.0 million ounces to 2,121.9 million ounces. In the same period, China's gold reserves increased from 64.3 million ounces to 102.9 million ounces. Potential advancements in mining technology and operational efficiency are expected to help increase gold production. From 2025 to 2030, it is projected that global and China National Gold Group Gold Jewellery production will increase, from 118.0 million ounces and 12.3 million ounces to 122.5 million ounces and 13.0 million ounces, respectively. Global Average All-In Sustaining Cost for Gold The all-in sustaining cost refers to the total cost per ounce of gold required to maintain long-term mine operations, covering production, capital, and exploration expenses. As a key indicator of economic feasibility, its level depends on resource quality and operational efficiency, with better resource quality and superior management resulting in lower costs and greater competitiveness. Gold miners improve efficiency and production by utilizing advanced technology, optimizing supply chains, and large-scale production to lower all-in sustaining costs. From the first quarter of 2021 to the fourth quarter of 2025, the global all-in sustaining cost steadily increased from $1,050 per ounce to $1,629.5 per ounce. When the price of gold exceeds the all-in sustaining cost by a wider margin, producers often increase production. Compared to the top ten global gold producers, the company's all-in sustaining costs are competitive. Board of Directors Information The company's board of directors consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors. The directors serve a term of 3 years, with the possibility of re-election upon completion of their term. Shareholding Structure As of March 20, 2026, Shandong Gold Mining held 802,251,840 A shares, accounting for approximately 28.89% of the company's issued share capital. Shandong Gold Mining is a subsidiary of Shandong Gold Mining Group. In addition, Mr. Wang Shu holds a 11.96% share in the company. Intermediary Team Joint Sponsors: CITIC SEC (Hong Kong) Limited, China International Finance Hong Kong Securities Limited, UBS Securities Hong Kong Limited Company Legal Adviser: Baker McKenzie for Hong Kong and US law; Zhong Lun Law Firm for Chinese law; Cronje Incorporated for Namibian law Joint Sponsors' Legal Adviser: Gallant Y.T. Ho & Co. for Hong Kong and US law; Jia Yuan Law Offices for Chinese law Auditors and Reporting Accountants: KPMG Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Compliance Consultant: Chouiao Capital Limited