BRIEF: Chifeng Jilong Gold to raise $419 million in Hong Kong IPO

Chifeng Jilong Gold Mining Co. Ltd. (6693.HK) announced terms for its Hong Kong IPO on Friday, saying it would sell 205.7 million shares in lots of 200 for between HK$13.72 and HK$15.83 per share. The sale will generate total proceeds of about HK$3.25 billion ($419 million), with trading set to begin on March 10.

The company is mainly engaged in gold mining and sales, operating mines in China, Southeast Asia and West Africa. Its profits rose from 3.78 billion yuan ($5.2 billion) in 2021 to 7.22 billion yuan in 2023.

Chifeng Jilong plans to use 50% of the IPO proceeds for mine upgrades and exploration, with another 40% earmarked for the acquisition of large-scale and high-quality mining assets.

By Lau Chi Hang

To subscribe to Bamboo Works weekly free newsletter, click here