Zijin Gold International (02259.HK): Analysis of a Popular Hong Kong Stock Driven by the Gold Bull Market

Zijin Gold International (02259.HK) is a subsidiary of Zijin Mining Group focusing on gold mining, processing, and sales. It completed its IPO listing on the Hong Kong Stock Exchange between 2024 and 2025 [2]. The scale of the Hong Kong IPO market in 2025 increased by 232% year-on-year [1]. As one of the important IPO targets that year, the company fully benefited from the global gold bull market:

• Gold Price Support
  : In 2025, the gold price exceeded $4,000 per ounce. HSBC Research predicts it will continue to surge to $4,600 by the first half of 2026 [5], and UBS also raised its forecast to $4,500 [6]
• Institutional Recognition
  : BNP Paribas covered the stock for the first time and gave it an ‘Outperform’ rating with a target price of HK$157 [4]
• Industry Dividend
  : The gold mining sector has become a focus of the capital market, and peers like Zhaojin Mining have delivered excellent quarterly performance [7]

1. Parent Company Resource Synergy
   : Relying on the industry status and resource advantages of Zijin Mining Group, the company has competitive barriers in the gold industry chain [2]
2. Favorable Market Environment
   : The increased activity of the Hong Kong IPO market provides support for the company’s valuation [1]
3. Long-term Demand Driver
   : Central banks’ continuous gold purchases and geopolitical risks strengthen gold’s safe-haven attribute, and the industry’s prosperity is expected to continue [5][6]

• Opportunity Window
  : Under the expectation of a continuing global gold bull market, the company has significant performance growth potential; institutional positive ratings provide support for market confidence
• Potential Risks
  : Need to pay attention to short-term fluctuations in gold prices; if the macroeconomic environment changes, it may affect industry valuations; intensified competition in the Hong Kong IPO market may bring liquidity pressure

Zijin Gold International (02259.HK) has become a popular target in the Hong Kong stock market due to its clear business positioning, parent company’s resource support, and gold industry dividends. Investors can pay attention to gold price trends, the company’s operating data, and industry policy changes to obtain objective decision-making references.