00:00Let's keep on this whole golden theme and talk about Zijing gold.
00:03Now, this jumbo listing and bring in our team, our China correspondent, Min Min Lo.
00:07She is joining us live from the Hong Kong exchange.
00:10Also want to bring in our Bloomberg Intelligence Head of Asia, Metals and Mining and Sustainability, Michelle Lo.
00:14Min Min, I'll start with you.
00:16Obviously, we've been anticipating this one for some time now.
00:19We certainly saw the gray market was quite upbeat yesterday.
00:22What can we expect today?
00:26Yeah, it's really exuberant.
00:28It's really packed at the Hong Kong exchange because there are three listings happening today.
00:33And you can see behind me, I think, the chairman of Zijing Mining is up there taking photos with Bonnie Chan and others as well.
00:40But demand has been really strong, as you said.
00:42In the gray market, share prices were surging as much as 56% at one point.
00:47It's 240 times oversubscribed for the retail portion of the shares.
00:51And also, the company has managed to line up a pretty strong lineup of institutional investors, including the Singapore Sovereign Wealth Fund, GIC, as well as BlackRock, Fidelity, among others.
01:05And that is really going to solidify Hong Kong's standing as the largest IPO market in the world for the first time since 2019.
01:13And there's a lot of interest for the stock, partly because of the macro environment, right?
01:18You look at how gold prices had surged this year up by over 40% year-to-date.
01:23That really light a fire under many of these mining stocks, including the parent company, Zijin Mining, which is seeing its share prices up by about 120% year-to-date so far.
01:34The company has said it's going to use these funds to expand overseas investments, including to help settle an acquisition of a gold mine in Kazakhstan and also to help construct and upgrade existing mines over the next five years.
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