Shares of Chinese company “Zijin Gold” soared more than 60% on Tuesday as its international unit began trading in Hong Kong.

The company raised nearly HKD 25 billion (approximately USD 3.2 billion), with the share price reaching HKD 71.59, making it the world’s second-largest initial public offering after the listing of battery giant “CATL” earlier this year.

The initial offering of “Zijin Gold,” delayed by one day due to the impact of Typhoon Rajasa on Hong Kong last week, comes at a time when the yellow metal is at record levels. The spot gold price recently surpassed USD 3,800 per ounce amid strong safe-haven demand, expectations of interest rate cuts, and global economic uncertainty.

This listing follows a rebound in Hong Kong’s initial public offering market this year, with companies raising a combined USD 14.1 billion in the first half of the year, a 695% year-on-year increase compared to the same period in 2024.

Zijin Gold is the overseas gold mining arm of the partially state-owned Chinese company Zijin Mining, which operates all the group’s gold mines outside China. Key investors in its IPO include the Singapore Sovereign Wealth Fund (GIC), Hillhouse’s HHLRA fund, and BlackRock funds.

Zijin Mining, China’s largest gold producer from mines, announced in April that it would spin off its overseas gold operations into the new Zijin Gold unit as part of a broader restructuring aimed at enhancing its focus on gold.

The group’s global presence extends across Central Asia, South America, Oceania, and Africa. The group participates in the entire gold mining value chain, from exploration and development to processing, smelting, refining, and sales. In 2024, Zijin Mining produced 1.3 million ounces (30.4 tons) of gold, ranking ninth globally in reserves, according to company estimates.