Zijin Gold soars in HK debut after world’s biggest IPO since May

Zijin Gold International jumped in its Hong Kong trading debut on Sept 30 after the international unit of China’s biggest miner raised US$3.2 billion (S$4.1 billion) in the world’s largest initial public offering (IPO) since May.

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Zijin Mining Group chairman Chen Jinghe applauding during the firm's listing ceremony at the Hong Kong Stock Exchange on Sept 30.

(PHOTO: BLOOMBERG)

The shares soared 68.5 per cent to close at HK$120.60, valuing the company at HK$342.5 billion (S$56.8 billion) and overtaking Chile-based Antofagasta, one of the world’s biggest copper miners.

Zijin Gold came to market as optimism remains high for prices of the precious metal to extend their three-year, record-breaking bull run, bolstering miners’ shares and facilitating their ability to raise funds. Shares of Singapore-listed CNMC Goldmine rallied 14.7 per cent to $1.17 as at 1.48pm on Sept 30.