Zijin Gold International, a subsidiary of China’s Zijin Mining, is set to launch a landmark initial public offering (IPO) in Hong Kong, aiming to raise HK$24.98 billion ($3.21 billion). This marks the largest IPO in the city this year, according to the company’s prospectus released on Friday. The offering involves the sale of 349 million shares at HK$71.59 each, with trading scheduled to begin on September 29. The IPO will value Zijin Gold at $24.1 billion. The move comes amid a strong performance in the gold market, which has surged nearly 39% this year, benefiting from low-interest rates and global uncertainty. Zijin Gold’s IPO surpasses the recent $1.2 billion offering by Chinese automaker Chery, solidifying its position as the largest in Hong Kong for 2025. The company plans to use the proceeds over the next five years to upgrade and construct existing mines, enhancing its production capabilities. Cornerstone investors, including Singapore’s GIC and private equity firm Hillhouse, have already committed $1.6 billion to the offering. Asset managers BlackRock and Schroders are also participating, each purchasing $120 million worth of shares. Morgan Stanley and CITIC Securities are acting as joint sponsors for the IPO. The spin-off and independent listing of Zijin Gold International are expected to broaden the company’s financing channels and improve overall efficiency.