BRIEF: Chifeng Gold opens flat in Hong Kong trading debut

6693.HK

Shares of gold miner Chifeng Jilong Gold Mining Co. Ltd.  (6693.HK). opened flat in their Monday trading debut in Hong Kong, as the company raised HK$2.68 billion ($345 million) in its share sale.

Chifeng Gold set an IPO price range of HK$13.72 to HK$15.83, and ultimately priced its shares at the very bottom of that range. The international portion of the sale was oversubscribed by 2.7 times, while the Hong Kong public offering was oversubscribed by 8.53 times.

Chifeng ‘s profit rose from 3.78 billion yuan ($522 million) in 2021 to 6.27 billion yuan in 2022, and further rose to 7.22 billion yuan in 2023. The company 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. BRIEF: Chifeng Jilong Gold to raise $419 million in Hong Kong IPO
    6693.HK
  2. BRIEF: BrainAurora opens flat in Hong Kong trading debut
    6681.HK
  3. BitFuFu rides crypto wave, flexible business model to lofty profits
    FUFU.US
  4. 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

Illustration of Hong Kong as a ipo pipeline and crypto lab for China

Hong Kong: China’s IPO pipeline and crypto lab

Companies raised $13.6 billion through Hong Kong IPOs in the first half of the year, giving the city the global fundraising title for that period. What's behind the sudden boom? And a growing number of Chinese companies are experimenting with cryptocurrencies in Hong Kong, even as such currencies are banned on the Mainland. What's driving such different approaches on the Mainland and in Hong Kong?