IPO Timeline
Broker Deadline
2025-09-24
Morning deadline
HKEX Deadline
2025-09-24
Noon deadline
Broker Results (T-2)
2025-09-26
Some brokers release in afternoon
Grey Market (T-1)
2025-09-29
Afternoon
HKEX Allotment (T-1)
2025-09-29
Evening
Registrar Allotment (T-1)
2025-09-29
Evening
Listing Day (T)
2025-09-30
First day of trading
Company Overview
| Stock Name | 紫金黄金国际 |
|---|---|
| Stock Code | 02259 |
| Company Full Name | 紫金黄金国际 |
| Industry | Materials |
| Principal Activities | 主要從事黃金的勘查、開採、選礦、冶煉、精煉及銷售。 |
| Listing Date | 2025-09-30 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To be extracted |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | 香港九龍柯士甸道西1號環球貿易廣場75樓7508室 |
| Business Address (Hong Kong) | 香港九龍柯士甸道西1號環球貿易廣場75樓7508室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | www.zijingoldintl.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 71.59 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 7,159 |
| Par Value | To be extracted |
| Offer Period | 2025-09-19 to 2025-09-24 |
| Global Offering Shares | 348,990,700 shares |
| HK Public Offer Shares (Initial) | 34,899,100 shares (10.0%) |
| Public Offer Lots (Initial) | 348,991lots (174,495lots, 174,496lots) |
| International Placing Shares (Initial) | 314,091,600 shares (90.0%) |
| Offer Ratio | ~13.3% |
| Total Shares Post-IPO | 2,623,990,700 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | To be extracted |
| Cornerstone Share | 49.9% |
| Clawback Tiers | 机制B-无回补 |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 24,984,244,213 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 7,159 |
| 2 lots | 200 | HK$ 14,318 |
| 3 lots | 300 | HK$ 21,477 |
| 4 lots | 400 | HK$ 28,636 |
| 5 lots | 500 | HK$ 35,795 |
| 6 lots | 600 | HK$ 42,954 |
| 7 lots | 700 | HK$ 50,113 |
| 8 lots | 800 | HK$ 57,272 |
| 9 lots | 900 | HK$ 64,431 |
| 10 lots | 1,000 | HK$ 71,590 |
| 15 lots | 1,500 | HK$ 107,385 |
| 20 lots | 2,000 | HK$ 143,180 |
| 25 lots | 2,500 | HK$ 178,975 |
| 30 lots | 3,000 | HK$ 214,770 |
| 35 lots | 3,500 | HK$ 250,565 |
| 40 lots | 4,000 | HK$ 286,360 |
| 45 lots | 4,500 | HK$ 322,155 |
| 50 lots | 5,000 | HK$ 357,950 |
| 60 lots | 6,000 | HK$ 429,540 |
| 70 lots | 7,000 | HK$ 501,130 |
| 80 lots | 8,000 | HK$ 572,720 |
| 90 lots | 9,000 | HK$ 644,310 |
| 100 lots | 10,000 | HK$ 715,900 |
| 200 lots | 20,000 | HK$ 1,431,800 |
| 300 lots | 30,000 | HK$ 2,147,700 |
| 400 lots | 40,000 | HK$ 2,863,600 |
| 500 lots | 50,000 | HK$ 3,579,500 |
| 600 lots | 60,000 | HK$ 4,295,400 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 700 lots | 70,000 | HK$ 5,011,300 |
| 800 lots | 80,000 | HK$ 5,727,200 |
| 900 lots | 90,000 | HK$ 6,443,100 |
| 1,000 lots | 100,000 | HK$ 7,159,000 |
| 2,000 lots | 200,000 | HK$ 14,318,000 |
| 3,000 lots | 300,000 | HK$ 21,477,000 |
| 4,000 lots | 400,000 | HK$ 28,636,000 |
| 5,000 lots | 500,000 | HK$ 35,795,000 |
| 10,000 lots | 1,000,000 | HK$ 71,590,000 |
| 15,000 lots | 1,500,000 | HK$ 107,385,000 |
| 20,000 lots | 2,000,000 | HK$ 143,180,000 |
| 25,000 lots | 2,500,000 | HK$ 178,975,000 |
| 30,000 lots | 3,000,000 | HK$ 214,770,000 |
| 40,000 lots | 4,000,000 | HK$ 286,360,000 |
| 50,000 lots | 5,000,000 | HK$ 357,950,000 |
| 75,000 lots | 7,500,000 | HK$ 536,925,000 |
| 100,000 lots | 10,000,000 | HK$ 715,900,000 |
| 125,000 lots | 12,500,000 | HK$ 894,875,000 |
| 150,000 lots | 15,000,000 | HK$ 1,073,850,000 |
| 174,495 lots | 17,449,500 | HK$ 1,249,209,705 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 187,851,494,213 |
|---|---|
| Pre-IPO Valuation (Last Round) | To be extracted |
| P/E Ratio | 不適用（公司处于亏损状态） |
| Profit/Loss Status | 盈利約人民幣481.4百萬美元 |
| Period-End Cash Balance | To be extracted |
| Listing Expenses | ~HK$ 514,300,000 |
| Listing Expenses / Funds Raised | ~2.06% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| First Day Close | HK$ 120.6 |
|---|---|
| First Day Open | HK$ 111.5 |
| First Day Change | 68.46% |
| First Day Volume | 97866300.0 |
| First Day Turnover | 11211500000.0 |
Use of Proceeds
| Use of Proceeds | 1、約33.4%（即8,182.3百萬港元）預期將用于支付收購哈薩克斯坦Raygorodok金礦的代價； 2、約50.1%（即12,250.0百萬港元）預期將于未來五年內用于現有礦山的升級及建設項目，以全面提升產能； 3、約6.5%（即1,590.5百萬港元）預期將于未來五年內用于運營的所有礦山的勘探活動，以充分實現我們的增長潛力； 4、約10%（即2,447.0百萬港元）預期將用作一般公司用途。 |
|---|
Underwriting Syndicate
Joint Sponsors (2)
摩根士丹利亚洲有限公司 CE AAD291
中信证券（香港）有限公司 CE AAK249
Overall Coordinators (2)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
Joint Bookrunners (4)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
GF Securities (Hong Kong) Brokerage Limited CE AOB364
华泰金融控股（香港）有限公司 CE AOK809
Joint Lead Managers (6)
摩根士丹利亚洲有限公司 CE AAD291
中信里昂证券有限公司 CE AAB893
GF Securities (Hong Kong) Brokerage Limited CE AOB364
华泰金融控股（香港）有限公司 CE AOK809
麦格理资本股份有限公司 CE AAC534
兴证国际融资有限公司 CE BAK956
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Arc Avenue Asset Management Pte. Ltd. | 77,925,715 HKD | — | 0.31% | — | 6 months | 2026-03-30 |
| 2 | Baillie Gifford Overseas Limited | 467,561,449 HKD | — | 1.87% | — | 6 months | 2026-03-30 |
| 3 | BlackRock Funds | 935,122,898 HKD | — | 3.74% | — | 6 months | 2026-03-30 |
| 4 | CPE River Investment Limited | 311,702,860 HKD | — | 1.25% | — | 6 months | 2026-03-30 |
| 5 | Dao Yi Capital Limited | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 6 | Fidelity International | 623,412,879 HKD | — | 2.50% | — | 6 months | 2026-03-30 |
| 7 | GIC Private Limited | 1,168,900,043 HKD | — | 4.68% | — | 6 months | 2026-03-30 |
| 8 | Hillhouse Funds | 1,168,900,043 HKD | — | 4.68% | — | 6 months | 2026-03-30 |
| 9 | IDG Breyer Capital Fund L.P. | 155,851,430 HKD | — | 0.62% | — | 6 months | 2026-03-30 |
| 10 | Millennium Capital Management (Singapore) Pte. Ltd. | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 11 | New Golden Future Limited | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 12 | Oaktree Funds | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 13 | Perseverance Asset Management International (Singapore) Pte. Ltd. | 413,009,869 HKD | — | 1.65% | — | 6 months | 2026-03-30 |
| 14 | UBS Asset Management (Singapore) Ltd. | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 15 | 大湾区共同家园投资有限公司 | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 16 | 富国资产管理(香港)有限公司 | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 17 | 高亚投资有限公司 | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 18 | 广发国际资产管理有限公司 | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 19 | 汇添富基金管理股份有限公司 | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 20 | 加皇环球资产管理(亚洲)有限公司 | 389,628,575 HKD | — | 1.56% | — | 6 months | 2026-03-30 |
| 21 | 景林资产管理香港有限公司 | 194,495,712 HKD | — | 0.78% | — | 6 months | 2026-03-30 |
| 22 | 景顺投资管理有限公司 | 311,702,860 HKD | — | 1.25% | — | 6 months | 2026-03-30 |
| 23 | 上海高毅及中信证券国际资本管理有限公司 | 366,254,440 HKD | — | 1.47% | — | 6 months | 2026-03-30 |
| 24 | 上海景林及中信证券国际资本管理有限公司 | 428,917,167 HKD | — | 1.72% | — | 6 months | 2026-03-30 |
| 25 | 施罗德 | 935,122,898 HKD | — | 3.74% | — | 6 months | 2026-03-30 |
| 26 | 斯派柯国际有限公司 | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
| 27 | 太平洋资产管理有限责任公司 | 467,561,449 HKD | — | 1.87% | — | 6 months | 2026-03-30 |
| 28 | 泰康人寿保险有限责任公司 | 467,561,449 HKD | — | 1.87% | — | 6 months | 2026-03-30 |
| 29 | 未来资产金融集团 | 233,777,145 HKD | — | 0.94% | — | 6 months | 2026-03-30 |
Directors & Management
| Chairman | 林泓富 |
|---|---|
| Company Secretary | 黃曉虹 |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | 控股股東紫金礦業通過金山香港及紫金西北持有本公司100%股權。緊隨全球發售完成後（假設超額配股權未獲行使），紫金礦業將持有本公司約86.70%的股份。 |
|---|
AI
AI Analysis
Market Sentiment
The IPO was massively oversubscribed at 240.74x, indicating intense market enthusiasm for this mining resource stock. Despite the high ratio, the hit rate of 56.63% was relatively generous, suggesting significant reallocation from the international tranche or a large number of small applicants being fully allocated. Final pricing at HKD 71.59 likely reflected strong demand. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency emerged: 甲尾 applicants (60,000) expected only 0.784 lots, barely less than the guaranteed 1 lot for 乙头 applicants (70,000), making the capital jump from A to B tier economically questionable. The higher number of B-head applicants suggests some investors may have overpaid for certainty, or broker incentives distorted behavior. Broker fee efficiency likely varied, and actual costs may differ. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Demographics
Demographic data for this IPO is not available, as all reported percentages are zero, possibly due to non-disclosure. Without breakdowns of mainland versus Hong Kong participation or regional concentration, no demographic analysis is possible. Typically, resource sector IPOs attract broad mainland interest, but here it remains unconfirmed. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Offering Structure
Subscription Tiers
IPO Timeline
