Lane Xang Minerals Limited Company (LXML) Sepon mine
Lane Xang Minerals Limited Company (LXML) Sepon mine

Energy

Backing the international growth of China’s fastest-growing gold producer

Macquarie Capital acted as the overall coordinator, joint global coordinator, joint bookrunner and joint lead manager on Chifeng Jilong Gold Mining Co’s $HK2.8 billion (~$US363 million) H-share initial public offering on the Main Board of the Stock Exchange of Hong Kong

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Sector Commodities
Sub-sector Critical minerals
Location Hong Kong

Opportunity

Chifeng Jilong Gold Mining Co Ltd’s (Chifeng Gold) is the largest non-state owned gold producer in China,1 primarily engaged in the mining, processing and sales of gold.

The company owns and operates seven gold and polymetallic mines across China, Southeast Asia, and West Africa, with its A-shares listed on the Shanghai Stock Exchange.

Chifeng Gold has the highest overseas presence among the top five listed gold producers in China in terms of revenue contribution. The company plans to actively pursue future mergers and acquisitions using funds raised from its Hong Kong IPO.

Approach

Macquarie Capital acted as the overall coordinator, joint global coordinator, joint bookrunner and joint lead manager on Chifeng Gold’s H-share IPO on the Main Board of the Stock Exchange of Hong Kong.

Macquarie successfully secured orders from several prominent long-only investors across Europe, Asia, and the United States, accounting for a significant portion of total allocations to international long-only investors.

Through the facilitation of over 140 roadshow meetings with high-quality institutional investors across Greater China, Southeast Asia, Australia, the United Kingdom, and the United States, Macquarie built market awareness of Chifeng Gold’s equity story and gained unique access to top-tier investors.

Macquarie leveraged its deep expertise in the critical minerals and energy sector to effectively position and market the company and its growth strategy.

Outcome

Chifeng Gold successfully raised $HK2.8 billion (approximately $US363 million) in its H-share IPO.

The company issued 206 million primary H-shares, representing 11 per cent of total post-offering shares, at a price of $HK13.72, resulting in a market capitalisation of $US4.7 billion. If the 15 per cent greenshoe option is fully exercised, the total deal size could increase to approximately $US417 million.

This transaction marks the only gold mining IPO in Hong Kong in the past five years and is the largest metal and mining IPO in the region since 2023. Chifeng Gold also achieved the narrowest A to H discount for H-share IPOs among all A-share listed mining and materials companies since 2015.

The newly raised funds will be primarily used for upgrading and exploring existing mines, expanding mineral extraction through equipment procurement and technology upgrades in domestic and international mining areas, as well as acquiring additional global mining assets.

Chifeng LXML Sepon mine by night, located in Vilabouly District, Savannakhet Province, Lao PDR

~$US363 million

raised in H-share IPO in HKEX

Largest metal & mining IPO in Hong Kong

since 2023

206 million primary H-shares issued

at a price of $HK13.72

$US4.7 billion

market capitalisation

  1. Chifeng Jilong Gold Mining Co., Ltd. Global Offering, Feb 2025

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