On June 26, MERDEKAGOLD-DRS fell 5.64% in regular trading on its Hong Kong listing debut, trading at HK$24.98/share with turnover of HK$398 million, breaking below its IPO price of HK$26.60.

The Indonesian gold miner's subdued debut followed a sharp sell-off in dark pool trading the prior day, where the stock plunged over 30% at one point. The stock opened flat at HK$26.60 before sliding steadily, finishing as the weakest performer among six new listings on the same day — with peers such as Kotopark surging over 178% and Zhongke Wenge gaining over 81%.

Several structural factors weighed on sentiment: the entire offering consisted of existing shareholder sell-downs with no new capital raised for the company; public subscription was only 4.42 times oversubscribed; and the company reported a net loss of US$27.3 million in 2025 with revenue declining 92.5% year-over-year. Although Pani gold mine produced its first gold in February, commercial-scale production remains in its early ramp-up phase.

MGR is an Indonesian gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. Its core asset, the Pani gold mine, is Indonesia's largest primary gold mine by resources and reserves, with output projected to rank among Asia's top two primary gold mines by 2030.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)