Zijin Gold shares surge over 60% at HKD$71.59 apiece making it the world’s second-largest IPO

On September 30, 2025, Zijin Gold made its trading debut in the Hong Kong Stock Exchange, with shares surging over 60% to HKD$71.59 apiece, following a strong IPO that raised nearly HKD$25 billion (approximately US$3.2 billion). This marks the second-largest IPO globally in 2025. Proceeds from the IPO will be used to settle the acquisition of a gold mine in Kazakhstan, as well as for upgrading and constructing existing mines over the next five years.

Zijin Gold is the overseas gold-mining arm of China’s partially state-owned Zijin Mining that operates all of the group’s gold mines outside of China.

McCarthy Tétrault advised Zijin Gold with a team led by Joyce Lee, that included Gideon Kwinter (Competition/Antitrust & Foreign Investment),James Lin, and Jordan Chu (M&A) with respect to Continental Gold, Rosebel Project (Suriname), Akyem Project (Ghana) and Canadian regulatory compliance.