Hong Kong’s benchmark Hang Seng Index (HSI) opened higher on Tuesday as the special administrative region marked the third quarter’s finale with three initial public offerings from Chinese mainland companies.
The HSI gained 51 points to start the morning session at 26,674, buoyed by the debut of three newly listed companies, including Zijin Gold International Co, which all saw strong price performances.
Zijin Gold, the international arm of China’s biggest miner Zijin Mining Group Co, surged more than 60 percent to reach as high as HK$120 ($15.42) per share shortly after trading started, putting the company’s market valuation at over HK$300 billion.
The listing, whose offering aimed to raise HK$24.98 billion, ranks as Hong Kong’s second-largest IPO this year, trailing only electric vehicle battery giant Contemporary Amperex Technology Co.
Joining Zijin Gold to strike the gongs at Hong Kong Exchanges and Clearing were Shenzhen Hipine Precision Technology Co, a mainland gold watch manufacturer, and Pateo Connect Technology (Shanghai) Corporation, which specializes in vehicle technology services.
Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, Hong Kong Exchanges and Clearing Chairman Carlson Tong Ka-shing and Securities and Futures Commission Chairman Kelvin Wong Tin-yau attended the listing ceremony.
Hong Kong has maintained its position as the world’s top destination for raising capital, with IPOs in the city generating a total of HK$150 billion since the beginning of the year, Financial Secretary Paul Chan Mo-po said on Sept 28.
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As for Zijin Gold, the company plans to use some of the IPO proceeds to pay for the acquisition of a mine in Kazakhstan, as well as funding upgrades and construction of mines over the next five years, it said.
The company, which operates Zijin Mining Group’s overseas gold assets, is one of the world’s fastest-growing gold producers, with mines spanning from Central Asia to Australia, Africa and South America.
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The only company to have had a bigger listing this year was Contemporary Amperex Technology Co Ltd’s $5.3 billion mega deal, which was also in Hong Kong.
The company’s trading debut, originally scheduled for Monday, was delayed by Super Typhoon Ragasa. Morgan Stanley and Citic Securities Co were joint sponsors for the IPO.
With contributions from Bloomberg
Contact the writer at gabylin@chinadailyhk.com
