Zijin Gold shares closed 68.5 per cent higher in their Hong Kong trading debut on Tuesday, after the spin-off company of one of China’s largest miners raised $3.2bn in an initial public offering.
The listing comes as the price of the gold is trading at a record high of above $3,800 a troy ounce, driven higher by macroeconomic uncertainty and geopolitical risk, including a potential US government shutdown.
The rise of Zijin Gold’s shares gave the company a market capitalisation of HK$316.5bn ($40.7bn). The stocks of gold mining companies have rallied sharply this year as higher bullion prices boost their revenues.
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