According to the Hong Kong Stock Exchange disclosure on September 24, Shanjin International Gold Co.,Ltd. (Shanjin International) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities, China International Capital Corporation, and UBS Group serving as joint sponsors. Shanjin International Gold Co.,Ltd. (000975.SZ) is already listed on the Shenzhen Stock Exchange.
The prospectus shows that Shanjin International is one of China's leading gold producers, primarily engaged in the exploration, mining, and processing of gold, silver, lead, zinc, and other non-ferrous metals, as well as metal trading business. According to Frost & Sullivan data, Shanjin International is the most profitable and cost-effective gold producer among listed Chinese gold companies in terms of gold mining gross profit margin and gold mining cost profitability. Shanjin International ranks sixth in gold production among Chinese gold producers and fourth in gold reserves among Chinese gold producers.
The company's gold resources achieved significant growth during the track record period. As of June 30, 2025, Shanjin International's gold resources reached 284.6 tons, nearly doubling compared to 146.7 tons as of December 31, 2023. For the year ended December 31, 2024, Shanjin International's all-in sustaining costs for gold were $683.5 per ounce, positioning it in the top 10% of the global gold mining all-in sustaining cost curve, while the global average for the same year was $1,438.1 per ounce.
Shanjin International owns and operates six mining enterprises distributed across China and Namibia. Among these, five gold mining enterprises hold six mining licenses, 29 exploration licenses, and four exploration license applications, while one polymetallic mining enterprise holds three mining licenses and six mining licenses.
The Qinghai Dachaidan Xijinggou open-pit mining expansion project will be completed and put into production before 2028. The Mangshi Huasheng Gold Mine is expected to achieve annual gold production of 1.9 tons after completion. The Twin Hills Gold Mine is Namibia's largest gold mining project, expected to produce 5.1 tons of gold annually after production, with completion anticipated by 2027. With the completion of mines such as the Bayan Wenduri mining area of Yulong Mining, annual silver production is expected to increase by more than 83.5 tons. This mining area is expected to be completed in 2028, significantly boosting silver, lead, and zinc metal production.
Financially, for the years 2022, 2023, 2024, and the six months ended June 30, 2025, the company achieved revenues of approximately RMB 8.373 billion, RMB 8.095 billion, RMB 13.58 billion, and RMB 9.241 billion respectively. During the same periods, annual/period profits were approximately RMB 1.247 billion, RMB 1.566 billion, RMB 2.438 billion, and RMB 1.773 billion respectively.