Overview

• Shares peaked near HK$120 in early trading after the company sold 349 million shares at HK$71.59 each.
• The offering raised roughly HK$25 billion (about US$3.2 billion), the largest Hong Kong listing in four years and among 2025’s biggest globally.
• Regulatory filings show extreme demand, with the retail tranche 241 times oversubscribed and the institutional book 20.4 times.
• Cornerstone investors including GIC, Hillhouse, BlackRock and Schroders took about US$1.6 billion of stock, according to the prospectus.
• Parent Zijin Mining advanced in Hong Kong and Shanghai as gold hit fresh records, reinforcing positive sentiment around the carve-out.