Shanjin International Gold Co., Ltd. has submitted a listing application to the main board of the Hong Kong Stock Exchange. The company, which previously applied in September 2025, has appointed CITIC Securities, China International Capital Corporation, and UBS Group as its joint sponsors. According to its prospectus, Shanjin International is a leading gold producer in China, primarily engaged in the exploration, mining, and processing of gold, silver, lead, zinc, and other non-ferrous metals, as well as metal trading. The company ranks sixth in gold production and fourth in gold reserves among Chinese gold producers. Its gold resources have grown significantly, reaching 280.9 tonnes as of December 31, 2025, nearly doubling from 146.7 tonnes at the end of 2023. For the year ended December 31, 2025, the company's all-in sustaining cost for gold was USD 902.3 per ounce, placing it in the top 10% of the global gold mining cost curve. Its main products include mineral gold, lead concentrate (containing silver), and zinc concentrate (containing silver), which are primarily sold to downstream smelting companies. The company currently owns and operates six mining enterprises in China and Namibia, including five gold mining enterprises holding six mining licenses, 26 exploration licenses, and seven applied exploration licenses, as well as one polymetallic mining enterprise with three mining licenses and six exploration licenses. The Qinghai Dachaidan site, located in a key metallogenic zone, features thick ore bodies and excellent mineralization conditions. Its resources are expected to increase beyond the current level of 84.4 tonnes, with annual gold production exceeding 4.6 tonnes. The Jilin Banmiaozi site demonstrates strong production operations, with a 2025 all-in sustaining cost of USD 900.5 per ounce, leading among gold mines with similar resource endowments. For future development, the company is advancing the conversion of the Banshigou exploration right to a mining right to supplement reserve resources. The Heihe Luoke site possesses high-grade gold ore with a grade of 4.55 grams per tonne and a 2025 all-in sustaining cost of USD 507.6 per ounce. Exploration activities are accelerating within existing license areas, with efforts to convert exploration licenses to mining licenses. The Yulong Mining subsidiary is one of China's largest single-site silver producers by output and resources, holding silver resources of 7,860.8 tonnes, with maximum annual production sustained above 175.0 tonnes. With the development of mines like the Bayanwenduri mining area, annual silver production is expected to increase by over 83.5 tonnes. The company's customers include downstream smelting enterprises and metal traders. For the years ended December 31, 2023, 2024, and 2025, revenue from the top five customers accounted for 51.6%, 42.4%, and 41.0% of total revenue, respectively. The prospectus highlights risks, noting that gold prices have historically experienced significant fluctuations, which could impact profitability and operating cash flow, while mine exploration results remain uncertain. Financially, the company reported revenues of approximately RMB 8.095 billion, RMB 13.58 billion, and RMB 17.09 billion for 2023, 2024, and 2025, respectively. Net profits for the same periods were approximately RMB 1.566 billion, RMB 2.438 billion, and RMB 3.282 billion, respectively. The gold industry overview indicates that gold is a precious metal used in coinage, jewelry, and high-tech manufacturing. The upstream segment involves raw materials and equipment supply, the midstream includes gold mining and processing, and the downstream covers products for jewelry, industrial/technical use, investment, and central bank reserves. Gold recycling provides additional supply beyond mine production. Global gold demand fluctuated from 2021 to 2025, declining slightly after 2022 but growing at a compound annual growth rate of 5.6%. Demand has accelerated since 2024 and is projected to reach 195.0 million ounces by 2030. In China, gold demand grew at a compound annual rate of -4.2% from 2021 to 2025, with fluctuations influenced by investment and consumption demand. From 2025 to 2030, Chinese gold demand is expected to stabilize, growing at a compound annual rate of 0.2%, driven primarily by investment-related demand. Global gold reserves increased steadily from 2021 to 2025, rising from 1,704.0 million ounces to 2,121.9 million ounces. China's gold reserves grew from 64.3 million ounces to 102.9 million ounces during the same period. Advances in mining technology and operational efficiency are expected to support increased gold production. From 2025 to 2030, global and Chinese gold mine production are projected to rise from 118.0 million ounces and 12.3 million ounces to 122.5 million ounces and 13.0 million ounces, respectively. The all-in sustaining cost, a key metric for economic viability reflecting total costs per ounce for sustaining mine operations, rose steadily from USD 1,050 per ounce in Q1 2021 to USD 1,629.5 per ounce in Q4 2025. Producers often increase output when the gold price exceeds this cost by a wider margin. Shanjin International's all-in sustaining cost is competitive compared to the world's top ten gold producers. The company's board will consist of 11 directors, including three executive directors, four non-executive directors, and four independent non-executive directors. Directors serve three-year terms, renewable upon expiry. As of March 20, 2026, Shandong Gold Mining holds 802,251,840 A-shares, representing approximately 28.89% of the issued share capital. Shandong Gold Mining is a subsidiary of Shandong Gold Group. Additionally, Mr. Wang Shui holds an 11.96% stake in the company. The intermediary team includes joint sponsors: CITIC Securities (Hong Kong) Limited, CICC Hong Kong Securities Limited, and UBS Securities Hong Kong Limited. Legal advisors are Baker McKenzie for Hong Kong and U.S. law, Zhong Lun Law Firm for Chinese law, and Cronje Incorporated for Namibian law. Legal advisors for the joint sponsors are Clifford Chance for Hong Kong and U.S. law, and Jia Yuan Law Offices for Chinese law. The auditor and reporting accountant is KPMG, the industry consultant is Frost & Sullivan (Beijing) Consulting Co., Ltd., and the compliance advisor is Trivium Capital Limited.