ZIJIN MINING (02899) gained over 4% during trading, reaching a high of HK$29.06 and setting a new historical record. As of press time, the stock was up 2.6% at HK$28.46 with trading volume of HK$1.419 billion.

On the news front, media reports indicate that Zijin Mining's international gold mining subsidiary is planning an initial public offering (IPO) in Hong Kong that could raise over $3 billion, potentially making it the second-largest global listing this year. Sources familiar with the matter stated that the fundraising scale and timing for Zijin Gold International's listing could still change, with related discussions ongoing.

One source indicated that the listing could take place as early as this month, with investor interest in the IPO exceptionally strong as gold prices hover near historical highs. CITIC Securities previously noted that Zijin Gold International's Hong Kong listing process may accelerate.

This spin-off listing coincides with an upward cycle in gold prices, which is favorable for driving a revaluation of the company's gold assets. Additionally, it is expected to advance the company's internationalization process, broaden channels to high-quality international investors, and enhance competitiveness and flexibility in overseas capital market financing and merger and acquisition transactions.