On September 30, Zijin Gold International officially rang the opening bell at the Hong Kong Stock Exchange, with an IPO price of HK$71.59 per share. The stock closed up 68.46% on its first trading day, achieving a market capitalization exceeding HK$310 billion. With fundraising of nearly HK$25 billion, Zijin Gold International became the second-largest Hong Kong IPO of the year, trailing only CATL.

The company attracted an impressive lineup of cornerstone investors - Zijin Gold International brought in 29 cornerstone investors with combined subscriptions of approximately HK$12.4 billion, including GIC, Hillhouse Capital, BlackRock, High-Flyer Asset Management, Fidelity, Greenwoods Asset Management, China Pacific Insurance, Taikang Life Insurance, IDG Breyer Fund, Oaktree Capital, Yunfeng Capital, CPE River, and others. This marks the third time that Chen Jinghe, known as the "China Gold King," has rung the listing bell at a stock exchange.

**Company Holds 856 Tons of Gold Reserves with Annual Production of 40 Tons**

On May 26, 2024, Zijin Mining announced its plan to spin off subsidiary Zijin Gold International for listing on the Hong Kong Stock Exchange main board. On June 30, Zijin Gold International submitted its listing application to the Hong Kong Stock Exchange.

Following completion of the global offering, Zijin Mining (02899.HK) announced that the group holds approximately 86.70% of Zijin Gold International's total issued share capital. The proceeds will be used to acquire the Raygorodok gold mine in Kazakhstan, upgrade and construct existing mines, and comprehensively enhance production capacity.

Founded in 2007 and headquartered in Hong Kong, Zijin Gold International engages in gold exploration, mining, processing, and sales. Its main products include gold ingots, doré gold, and gold concentrates.

According to Zijin Mining, Zijin Gold International produced 1.3 million ounces (approximately 40.4 tons) of gold in 2024, ranking 11th globally. The company generated revenue of US$2.99 billion, with gold accounting for 94.9% of total revenue. From 2022-2024, mineral gold production achieved a compound annual growth rate of 21.4%, ranking first among the world's top 15 gold mining companies as an industry "growth pioneer." The company's net profit attributable to shareholders achieved a compound annual growth rate of 61.9% during the same period.

Cost control capability serves as crucial support for the company's profit resilience. From 2019-2024, the company's average acquisition cost was approximately US$61.3 per ounce, 52% lower than the industry average of US$92.9 per ounce during the same period. In 2024, the average all-in sustaining cost (AISC) was US$1,458 per ounce, ranking as the 6th lowest among the world's top 15 gold mining companies.

As the foundation for mining enterprises' development, the company demonstrates significant advantages in resource reserves. As of the end of 2024, the company's gold reserves reached 27.5 million ounces (856 tons), ranking 9th globally in the gold industry. Leveraging advanced proprietary geological exploration technology and equipment, the company has achieved cumulative gold reserve increases exceeding 14 million ounces (450 tons), with cumulative reserve increases accounting for more than half, and a compound annual growth rate of gold reserves exceeding 20%.

The stellar performance of Zijin Gold International reflects the broader "gold fever" of 2024. Gold has reached 37 new historical highs this year, first breaking above US$2,800 per ounce with cumulative gains of 45%, outperforming all other major asset classes and achieving the largest annual increase since 1979.

Against this backdrop, Hong Kong has witnessed a "gold IPO wave," with companies like Chifeng Jilong Gold Mining and Chow Sang Sang successfully listing on the Hong Kong Stock Exchange, while Shandong Gold International has also submitted its listing application.

Looking ahead, gold prices may continue rising. Goldman Sachs projected in an early September report that under a baseline scenario, international gold prices will surge to US$4,000 per ounce by mid-2026, potentially reaching US$4,500 per ounce under a "tail risk scenario."

**Overseas Gold Mines Previously Subject to Illegal Mining**

As the exclusive platform for Zijin Mining's overseas gold assets, Zijin Gold International has focused on high-potential gold mines and undervalued low-grade, difficult-to-process gold mines since its establishment in Hong Kong. The company has deployed 8 gold mines across core mineralization belts in Central Asia, South America, Africa, and Oceania, building a diversified gold mining asset portfolio.

These projects include: the ultra-high-grade large-scale Buriticá Gold Mine in Colombia, the Norton Gold Fields project in Australia with annual processing capacity exceeding 5 million tons, Tajikistan's largest Jilau/Taror Gold Mine, Kyrgyzstan's third-largest Left Bank Gold Mine, South America's largest open-pit Rosebel Gold Mine in Suriname, Guyana's only mine producing over 100,000 ounces in 2024 - the Aurora Gold Mine, one of Ghana's largest Akim Gold Mine, and a stake in the world-class Porgera Gold Mine in Papua New Guinea.

Notably, the aforementioned Buriticá Gold Mine has drawn attention twice in the past two years. In November 2023, Zijin Mining announced that the Buriticá Gold Mine's surrounding areas had long experienced illegal mining activities, causing certain losses to Continental Gold Limited Colombia (the mine's parent company), with the exact quantity of lost resources still under verification.

In May 2023, the Buriticá Gold Mine suffered an explosive terrorist attack, resulting in two deaths from Continental Gold's external security and labor service companies, and 14 injuries including 4 Colombian national police officers, with no Chinese personnel injured in the attack.

According to Zijin Mining's 2024 annual report, the Buriticá Gold Mine was its largest gold producer in 2024 (by mineral gold output), with annual production of approximately 10 tons.

**From Fujian Longyan: Fellow Townsman of Zhang Yiming Ventures into Gold Mining**

Zijin Gold International originates from Zijin Mining, behind which stands Chen Jinghe, a legendary figure in China's mining industry. Born in 1957 in Longyan City, Fujian Province - a region that has produced notable figures including ByteDance's Zhang Yiming and Meituan's Wang Xing.

Chen Jinghe reportedly loved stones from childhood and was passionate about geography in middle school, earning recognition as a local "geography expert." In 1977, he entered Fuzhou University to study geology. After graduation in 1982, he joined Fujian's Western Fujian Geological Team and immediately began geological exploration at Zijin Mountain, forging an unbreakable bond with the mountain.

From 1982, with institutional support, Chen Jinghe led daily prospecting teams up Zijin Mountain. After a year of carrying provisions uphill and ore samples downhill, they finally made discoveries. Chen Jinghe and his team then spent nearly 10 years determining the specific mineral quantities and types.

In 1992, Fujian's Shanghang County decided to develop the mine, but experts believed the total gold reserves of only 5.45 tons made extraction costs too high. Undeterred, Chen Jinghe, already Fujian Geological Bureau's youngest senior engineer, volunteered to serve as general manager of Shanghang County Mining Company, entering the uncertain mining industry.

Shanghang County Mining Company, Zijin Mining's predecessor, had only 76 employees and relied on trading miscellaneous minerals for salaries. Chen Jinghe innovatively adopted low-investment, low-cost heap leaching technology despite opposition. Unexpectedly, Chen Jinghe succeeded. In 1993, he extracted the first 9.3 kilograms of gold from Zijin Mountain, and the company officially became Zijin Mining.

Emboldened by initial success and gaining trust from supervisory departments, Chen Jinghe aggressively developed Zijin Mountain. From 1993-2000, Zijin Mining continuously upgraded technology and enhanced development's technological content. In 1997, a massive explosion at Zijin Mountain marked the transition from underground to open-pit mining. That year, annual gold production reached 1,136.3 kilograms with profits of 20 million yuan, making Zijin Mountain a true "gold mountain" - recognized as China's largest single mine by exploitable reserves, processing scale, gold output, lowest ore grade, lowest unit processing cost, and best economic benefits.

Large-scale development required substantial investment. Chen Jinghe decided to leverage capital markets. Zijin Mining completed restructuring through a three-step process, absorbing employee shareholding and private capital, with New Huadu Group entering at this time and achieving substantial returns.

On December 23, 2003, Zijin Mining successfully listed on the H-share market, returning to the A-share market in April 2008, becoming one of the few "A+H" listed companies at the time.

Since 2020, market expectations for global recovery and inflation have strengthened, with minerals and other cyclical commodities performing well. Zijin Mining has benefited significantly, with its market value rising accordingly.

With Zijin Gold International's official listing on September 30, the company has formed a "Zijin system" capital matrix centered on Zijin Mining's A-shares, supplemented by Tsanggar Mining's A-shares and Zijin Gold International's H-shares.