Hong Kong’s IPO market staged another blockbuster moment on Tuesday as Zijin Gold, the international gold unit spun off from state-owned Zijin Mining, surged 68.5% in its market debut. The listing, delayed by Typhoon Ragasa by a day, closed at HK$120, valuing the miner at more than HK$300 billion ($38.6 billion).
The offering ranks as the world’s second-largest IPO of the year, trailing only Chinese battery giant CATL, and was oversubscribed nearly 191 times. The stock opened over 50% higher and maintained momentum through the day, underscoring the strength of investor demand in a year dominated by gold’s safe-haven appeal.
“Today’s listing signals a fresh start to a golden age,” said Lin Hongfu, Zijin Mining’s executive director and EVP, recalling the group’s 2003 debut as a turning point in its global expansion.
The IPO attracted heavyweight cornerstone investors, including Singapore’s GIC, Hillhouse Group, BlackRock, and Schroders, reflecting deep institutional conviction in the long-term outlook for gold.
The buoyant debut comes as gold prices hit record highs repeatedly in 2025, driven by geopolitical uncertainty, trade tensions, and a surge in consumer demand across China. Jewellery sales have boomed, with gold viewed both as a luxury and a store of value.
Zijin’s listing wasn’t the only spark in Hong Kong on Tuesday. Shenzhen Hipine Precision Technology, a gold watchmaker and designer that supplies brands like Lao Feng Xiang and Chow Tai Seng Jewelry, saw its shares soar as much as 330%. Auto intelligence firm Pateo also jumped 46% in early trade.
Hong Kong remains the world’s busiest IPO market this year. Deloitte has upgraded its forecast, projecting more than HK$250–280 billion in funds raised across 80-plus listings in 2025, reinforcing the city’s role as Asia’s capital-raising hub.
