Latham Advises Zijin Gold International on HK$25 Billion IPO

Latham & Watkins has advised Zijin Gold International, a global leading gold mining group formed by combining all of the gold mines of Zijin Mining outside of China, on its initial public offering (IPO) on the Hong Kong Stock Exchange (SEHK). This is a spin-off IPO from the A+H listed Zijin Mining with preferential offering to qualifying shareholders of Zijin Mining, and is one of the largest IPOs globally and on SEHK to date this year and the largest IPO globally in the mining sector in the recent decade.

Zijin Gold International’s IPO was priced at HK$71.59 per share, with a total offer size of HK$25 billion (approximately US$3.2 billion), assuming the over-allotment option is not exercised. Zijin Gold International is expected to have a market capitalization of HK$188 billion (approximately US$24.2 billion) upon listing. In connection with the offering, Zijin Gold International has granted the underwriters an option to purchase up to 15.0% of the initial offering size to cover over-allocations. The ordinary shares began trading on the SEHK on September 30, 2025.

Zijin Gold International’s IPO has attracted international reputable cornerstone investors, including GIC, Hillhouse, BlackRock and Schroders, among others. The proceeds of the offering are expected to fund, among other things, its acquisition of the Kazakhstan Raydorogok Gold Mine and the upgrade and construction project of existing mines.

The Latham team was led by Hong Kong corporate partners Terris Tang and Benjamin Su, with counsel Zheng Wang and associates Stewart Lai, Lulu Han and Wang Zhang. Advice was also provided on tax matters by New York partner Elena Romanova with associate Claire Park, and on structured product matters by Hong Kong partner Derek Chua with associate Christine Lo.