Shares of Zijin Gold International soared as much as 66 percent on their Hong Kong trading debut on Tuesday after raising nearly $3.2 billion in the world's second-largest initial public offering (IPO) so far this year, following battery maker CATL.

Zijin Gold, which manages all overseas gold businesses of its parent company Zijin Mining, priced 349 million shares at HK$71.59 ($9.2) each. Early trading saw the stock climb to HK$119, valuing the company at HK$302.02 billion ($38.7 billion).

The listing coincided with record-high gold prices, driven by global uncertainties and declining interest rates. Spot gold rose to $3,865 per ounce on Tuesday, up 0.82 percent on the day.

As China's top gold producer, Zijin Mining ranks ninth globally in reserves and reported an output of 40.4 tonnes in 2024. The company manages a fully integrated global business, controlling the entire gold pipeline from exploration to refined sales, with operations spanning Central Asia, South America, Oceania, and Africa.

(Cover via VCG)