Changes in Hong Kong stocks | Zijin Mining (02899) bucked the trend and broke the peak by more than 3% and was confirmed by the Stock Exchange to split Zijin Gold International to acquire Kazakh gold mines for 1.2 billion US dollars

The Zhitong Finance App learned that Zijin Mining (02899) bucked the trend and rose more than 3%, reaching a record high of HK$21.5. As of press release, it rose 3.4% to HK$21.3, with a turnover of HK$1,098 million.

According to the news, Zijin Mining recently announced that it has submitted an application to the Hong Kong Stock Exchange to seek approval to split its wholly-owned subsidiary Zijin Gold International and list it on the main board. The Hong Kong Stock Exchange has confirmed that the company may propose a split listing. The proposed sale scale of Zijin Gold International will not exceed 15% of the expanded total share capital. After listing, Zijin Gold International remained a subsidiary of the company. In addition, Zijin Gold International, a wholly-owned subsidiary of Zijin Mining, plans to acquire 100% interest in the RG gold mining project held by CanTech at a price of 1.2 billion US dollars. The target of the acquisition consists of 100% interest in RGG (holding mine assets) and 100% interest in RGP (holding factory selected assets) held by CanTech.

China Post Securities believes that this transaction is in line with the company's strategic direction of increasing mergers and acquisitions of major resource projects in neighboring countries. The mining investment environment in Kazakhstan is relatively good. The RG gold mine will form a good synergy effect with the company's Gilau/Taro gold mine in Tajikistan and the left bank gold mine in Kyrgyzstan, which will help the company to further cultivate the mineral-rich Central Asian region and optimize global resource allocation in the future. If RG Gold is successfully delivered, it will significantly increase Zijin Gold International's asset size, profit level and global industry position, and help Zijin Gold International's listing and issuance work in the international capital market.