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

6693.HK

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

, ,
, , , ,

Related Articles

RELATED ARTICLES

  1. Baidu does infrastructure
    BRIEF: Chifeng Gold opens flat in Hong Kong trading debut
    6693.HK
  2. Zijin Mining’s prospects glitter on acquisitions, rising gold and copper prices
    2899.HK 601899.SHG
  3. BitFuFu rides crypto wave, flexible business model to lofty profits
    FUFU.US
  4. BitFuFu makes big gains as cryptocurrency booms
    FUFU.US
  5. Cango’s latest pivot uncovers gold in bitcoin mining
    CANG.US
  6. Cango gets crypto jolt back to revenue growth, profitability
    CANG.US
Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

New Oriental provides education services

New Oriental gets new lesson from souring U.S.-China relations

China’s leading private provider of education services blamed changing international relations for a slowdown in its business catering to students planning to study abroad Key Takeaways: New Oriental’s revenue from…
9901.HK EDU.US