BRIEF: Chifeng Gold opens flat in Hong Kong trading debut
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
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