Zijin Gold jumped in its Hong Kong trading debut after the international unit of China's biggest miner raised $3.2 billion in the world's largest initial public offering since May. Bloomberg's Minmin Low reports from the Hong Kong Exchange.

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Zijin Gold made a strong debut on the Hong Kong exchange, with shares surging as much as 56% and the retail portion of the offering oversubscribed 240 times. The listing attracted major institutional investors, including Singapore's GIC, BlackRock, and Fidelity, reinforcing Hong Kong's position as a leading IPO market.

The company's robust performance is attributed to a favorable macroeconomic environment, with gold prices rising over 40% year-to-date. Zijin Gold intends to use the proceeds from the listing to expand its overseas investments, including the acquisition of a gold mine in Kazakhstan and the construction and upgrade of existing mines over the next five years.

Zijin gold soars in HK debut

Let's keep on this whole golden theme and talk about Zijin Gold now, this jumbo listing and bring in our team, our China correspondent, Min Min Lo. She is joining us live from the Hong Kong exchange. Also want to bring in our Bloomberg Intelligence head of Asia, Metals and Mining and Sustainability, Michelle Le. Min Min, I'll start with you. Obviously, we've been anticipating this one for some time now. We certainly saw the gray market was quite upbeat yesterday. What can we expect today? Yeah, it's really exuberant. It's really packed at the Hong Kong exchange because there are three listings happening today. And you can see behind me, I think the chairman of Zijin Mining is up there taking photo with Bony Chan and others as well. But demand has been really strong, as you said, in the gray market. Share prices were surging as much as 56% at one point. It's 240 times oversubscribed for the retail portion of the shares. And also, the company has managed to line up a pretty strong lineup of institutional investors, including the Singapore Sovereign Wealth Fund, GIC, as well as BlackRock, Fidelity, among others. And that is really going to solidify Hong Kong's standing as the largest IPO market in the world for the first time since 2019. And there's a lot of interest for the stock, partly because of the macro environment, right? If you look at how gold prices have surged this year, up by over 40% year-to-date, that really light a fire under many of these mining stocks, including the parent company, Zijin Mining, which is seeing its share prices up by about 120% year-to-date so far. The company has said it's going to use these funds to expand overseas investments, including to help settle an acquisition of a gold mine in Kazakhstan, and also to help construct and upgrade existing mines over the next five years.

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