Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.</li>
<li>Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.</li>
<li>Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.</li>
</ul>


Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.
Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.
Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.


Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.</li>
<li>We have looked at the company's past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company's past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.


Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.</li>
<li>It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.</li>
<li>We have looked at the company's past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.</li>
</ul>



Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
We have looked at the company's past performance, and done a peer comparison in our previous note. In this note, we will provide a PHIP update.


Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

<ul>
<li>High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.</li>
<li>Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.</li>
<li>Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).</li>
</ul>


High Growth: ~80% production increase (36t to 65t, 2024–27E) via Buriticá, Aurora, Porgera, Central Asia.
Valuation: Filing suggests US$12–16bn (US$3–4bn raise, 6–7.5× EV/EBITDA); market eyes US$30–40bn.
Key Dynamics: SOE-backed expansion; risks in EM execution and AISC (~US$1,350/oz by 2027E).


Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2579355D HK)</a> is a global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It is pre-marketing an HKEx IPO to raise US$3bn.  </li>
<li>I previously discussed the IPO and outlined my investment thesis in <strong><em><a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis. </li>
</ul>



Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is pre-marketing an HKEx IPO to raise US$3bn.  
I previously discussed the IPO and outlined my investment thesis in Zijin Gold IPO: The Investment Case. 
In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis. 


Zijin Gold IPO: PHIP Updates Support the Investment Thesis

Hong Kong

Zijin Gold is a leading gold mining company formed by combining all the gold mines of Zijin Mining (ZM), located outside of China. Leveraging ZM’s competitive advantage in management of exploration, development and operation of low-grade and refractory resources, ZG has emerged as a global leading and market-oriented gold mining company, vertically integrated through the value chain.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zijin Gold (2259 HK)

Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...

Rahul Jain

Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...

Rahul Jain

Zijin Gold IPO: PHIP Updates Support the Investment Thesis

In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zijin Gold IPO – The World’s Fastest-Growing Gold Producer, but at What Price?

​Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...

Rahul Jain

Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will look at the firm’s valuation.

Nicholas Tan

Zijin Gold Pre-IPO: PHIP Update: Acquisition of Raygorodok Mine for a Song

Zijin Gold is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO. In this note, we will provide a PHIP update.

Nicholas Tan

Zijin Gold Int'l IPO Preview: High-Growth Gold Mining Leader (PHIP, 14 Sep 2025)

​Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...

Rahul Jain

Zijin Gold IPO: PHIP Updates Support the Investment Thesis

In this note, I take a look at the new information from the PHIP. The 1H25 results and latest developments underscore my previous bullish thesis.

Arun George

Zijin, a fast-growing gold producer backed by SOE, faces sustainability concerns due to high valuation and reserve depth, with IPO success...

Article highlights significant production increase and valuation potential in gold mining sector, with emphasis on expansion risks and cost...