Commodities

Facilitating the world's largest gold mining IPO

Macquarie Capital acted as joint lead manager on Zijin Gold International’s $HK28.7 billion (~$US3.7 billion) initial public offering on the Main Board of the Hong Kong Stock Exchange

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Sector	Commodities
Sub-sector	Metals and mining
Location	Hong Kong

Opportunity

Zijin Gold International Company Limited (2259.HK) (Zijin Gold International) is a subsidiary of the international gold portfolio of Zijin Mining Group, one of China’s largest mining conglomerates.

Zijin Gold International was established to consolidate and operate Zijin Mining’s premier international gold assets. The company’s core business includes exploration, mining, processing, and sales of gold and other mineral products. With operations spanning Central Asia, South America, Oceania, and Africa,¹ it ranks ninth globally in gold reserves and eleventh in production volume.²

In September 2025, Zijin Gold International launched its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange, raising $HK28.7 billion (~$US3.7 billion).¹

Approach

Macquarie Capital Limited acted as joint lead manager for the transaction, one of only two international firms involved.

Over $US21 billion in demand was secured from top-tier global asset allocators. This strong institutional backing added momentum to the bookbuild process and reinforced market confidence in the asset quality and management team.

Leveraging its unique access to high-quality Australian investors, Macquarie facilitated extensive engagement efforts, targeted roadshow meetings, generating substantial demand from the region and supporting the IPO’s success.

Macquarie brought deep knowledge of the critical minerals and energy sector, which it used to shape and position Zijin Gold International’s equity proposition. This expertise helped clearly communicate the company’s growth strategy and operational strengths to investors.

Outcome

The IPO of Zijin Gold International was a landmark transaction, achieving notable milestones:

Record-breaking performance:
The offering was the second-largest IPO globally in 2025 and the largest gold mining IPO in history.¹ Shares surged 68 per cent on debut, closing at $HK120.60 and boosting the company’s market capitalisation to $HK316.5 billion (~$US41 billion).

Strong demand:
The public tranche was over 240 times oversubscribed, while the international tranche was oversubscribed by more than 20 times.¹

The proceeds from the IPO were earmarked to fund the $US1.2 billion acquisition of the Raygorodok gold mine in Kazakhstan and support further expansion and upgrade projects across its global portfolio.

This transaction builds on Macquarie Capital’s recent track record of transactions in the critical minerals and energy sector in Asia, including Chifeng Gold’s ~$US363 million IPO, MMG’s $US1.16 billion rights issue and Peak Rare Earths $A195 million acquisition by Shenghe Resources.