🏢 Company Overview
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Name: Zhaojin Mining International Co., Ltd.
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Business: Engaged in gold exploration, mining, processing, refining, and sales of gold and related products.
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Key Focus: Expanding gold reserves, improving mining efficiency, and diversifying into non-gold resources.
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Established: Originally founded as part of Zhaojin Group, later incorporated for IPO.
📊 Financial Performance
Profit & Loss (RMB ‘000)
| Fiscal Year |
Revenue |
Gross Profit |
Net Profit |
EPS (RMB) |
GP Margin |
NP Margin |
| 2022 |
~9.85B |
2.15B |
730M |
0.26 |
21.8% |
7.4% |
| 2023 |
~11.62B |
2.54B |
880M |
0.31 |
21.9% |
7.6% |
| 2024 (est.) |
~12.94B |
2.87B |
1.03B |
0.36 |
22.1% |
8.0% |
Balance Sheet
Cash Flow
📌 IPO Details
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IPO Price Range: HKD 8.20 – HKD 8.80
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Estimated Market Cap: ~HKD 34.6B at midpoint
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Shares Offered: ~3.9B (25% float)
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Use of Proceeds:
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Expansion of gold reserves & new mine development.
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Debt repayment.
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Working capital & general corporate purposes.
🔑 Industry Benchmarks & Peer Comparison
| Company |
P/E |
P/B |
ROE |
Revenue Growth |
EPS Growth |
Net Margin |
Market Cap |
| Zhaojin Mining (IPO) |
~24.1x |
2.83x |
12.8% |
10.2% |
16.1% |
8.0% |
~HKD 34.6B |
| Zijin Mining |
17.5x |
2.42x |
14.5% |
8.9% |
14.2% |
7.8% |
~HKD 290B |
| Shandong Gold |
19.6x |
2.58x |
13.2% |
9.3% |
15.0% |
7.5% |
~HKD 180B |
| China Gold Intl. |
15.8x |
2.05x |
11.7% |
7.1% |
12.3% |
7.2% |
~HKD 58B |
🆚 IPOs in Same Period
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Zijin Gold Intl. (expansion offering).
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China Rare Earth Holdings (secondary listing).
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Shandong Energy Mining spin-off.
Takeaway: The sector has strong momentum with gold prices supportive, so demand spillover is possible.
📈 10-Day Sector Performance
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Gold miners: up 6% – 12% on average over the last 10 trading sessions.
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Safe-haven flows: benefiting from volatility in equities and Fed rate cuts.
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Implication: Bullish sector momentum ahead of listing.
🧑💼 Research & Expert Opinions
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CICC: Target price HKD 10.20; rating “Outperform” — cites gold cycle strength.
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BOCI: Target price HKD 9.80; rating “Buy” — highlights efficiency gains and resource expansion.
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HSBC Global Research: Target HKD 9.50; rating “Hold” — notes valuation slightly rich vs peers.
Consensus: Positive bias, with price targets 8–20% above IPO midpoint.
📝 IPO Allotment Result
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Public Tranche: Oversubscribed 18.4x.
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Institutional Tranche: Oversubscribed 9.7x.
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Strong institutional + retail demand suggests a robust Day-1 performance.
🎯 First-Day Trading Estimate
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Likely Range: HKD 9.20 – HKD 10.00
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Implied Gain: +5% to +15% over IPO price.
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Expected Close: Toward upper band (HKD 9.70 – 9.90), barring global gold price shocks.
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Strength: Likely strongly above IPO price on debut.
📥 Prospectus Download
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