Zijin Gold's Shares Surge 70% on Hong Kong Debut
Zijin Gold's shares made a spectacular debut on the Hong Kong Stock Exchange, surging nearly 70% on the first day of trading. The company's stock closed at 120 Hong Kong dollars, following a highly oversubscribed initial public offering (IPO).
The IPO, initially postponed due to Typhoon Ragsasa, saw Zijin Gold's shares sought after by investors, with subscriptions reaching 191.4 times the number of shares available. This overwhelming response reflects the optimism surrounding the Hong Kong stock market, which is expected to present numerous mega-opportunities in the coming months and years.
Zijin Gold's successful IPO not only boosted its own valuation to around $38.6 billion, making it the second-largest of the year, but also lifted its parent company Zijin Mining's stock by around 12%. Lin Hongfu, Executive Director and Executive Vice President of Zijin Mining, drew a parallel between Zijin Gold's IPO and Zijin Mining Group's IPO in 2003. This positive impact is further supported by Deloitte's forecast, which predicts over 80 new companies listing on the Hong Kong exchange this year, raising between $32 and $36 billion in total.
Zijin Gold's impressive IPO and the subsequent surge in its share price signal investors' confidence in the company and the broader Hong Kong stock market. As Zijin Mining continues to spin off its subsidiaries, such as Zijin Gold, the market anticipates more opportunities for growth and investment.
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