New Stock News | Shanjin International (000975.SZ) Files for Listing Again on HKEX, Gold Production Ranks Sixth Among Chinese Manufacturers

According to the Hong Kong Exchanges and Clearing Limited (HKEX) disclosure on March 27, Golden International Gold Co., Ltd. (abbreviated as “Shanjin International”) submitted a listing application to the HKEX Main Board. CITIC Securities, CICC, and UBS Group are its joint sponsors. The company previously submitted its application to the HKEX on September 24, 2025.

Company Profile

According to the prospectus, Shanjin International (000975.SZ) is one of China’s leading gold producers. It is mainly engaged in the exploration, mining, and beneficiation/smelting and refining of gold, silver, lead, zinc, and other non-ferrous metals, as well as metal trading business. The company’s gold output ranks sixth among Chinese gold producers, while its gold reserves rank fourth among Chinese gold producers.

During the track record period, the company’s gold resource amount increased significantly. As of December 31, 2025, the company’s gold resources reached 280.9 tonnes (9,032.3 thousand troy ounces), nearing a doubling compared with 146.7 tonnes (4,715.3 thousand troy ounces) as of December 31, 2023. For the year ended December 31, 2025, the company’s all-in sustaining cost for gold was USD 902.3 per ounce, ranking within the top 10% of the global gold mining all-in sustaining cost curve.

The company’s principal products include mineral gold, lead concentrates (including silver), and zinc concentrates (including silver), which are mainly sold to downstream smelting enterprises.

As of now, the company owns and operates six mining enterprises, located in China and Namibia. These include five gold mining enterprises with six mining licenses, 26 prospecting licenses, and seven application prospecting licenses; and one polymetallic mining enterprise with three mining licenses and six prospecting licenses.

Dachaidan in Qinghai is located in a key metallogenic area, with characteristics such as thick ore bodies and favorable metallogenic conditions. Its resources are expected to increase further from the current level of 84.4 tonnes (2,712.2 thousand troy ounces), with annual gold production reaching 4.6 tonnes (148.1 thousand troy ounces) or more.

Banmiaozi in Jilin has strong domestic production and operating capabilities. Its all-in sustaining cost in 2025 is USD 900.5 per ounce, leading gold mines with similar resource endowments. In terms of its future development plan, the company is actively advancing the conversion of the Ban Shigou prospecting right to a mining right, to secure backup resources for future production;

Luokek in Heihe has a gold mine recognized domestically for high ore grade, with a grade of 4.55 grams per tonne. Its all-in sustaining cost for gold in 2025 is USD 507.6 per ounce. In terms of its future development plan, exploration activities are being accelerated within the scope of the existing permits, and the company is actively promoting the conversion of prospecting licenses into mining licenses;

The Yulong Mining operation is one of the largest mines in the country in terms of standalone silver output and silver resource. The company holds 7,860.8 tonnes of silver resources (252,731.0 thousand troy ounces), with the maximum annual production maintained at 175.0 tonnes (5,626.5 thousand troy ounces) or more. With the completion of mines such as the Bayanwendu mining area, annual silver production is expected to increase by more than 83.5 tonnes (2,684.6 thousand troy ounces).

The company’s customers include downstream smelting enterprises and metal traders. During the track record periods ended December 31, 2023, 2024 and 2025, revenue generated from the five largest customers accounted for 51.6%, 42.4% and 41.0% of the total revenue for the respective periods.

The prospectus warns of risks. The spot market price of gold has previously experienced significant fluctuations. Changes in the spot market price of gold will affect the company’s profitability and the cash flows generated from operations. Meanwhile, the results of mine exploration are uncertain.

Financial Information

Revenue

In 2023, 2024 and 2025, the company achieved revenue of approximately RMB 8.095 billion, RMB 13.58 billion, and RMB 17.09 billion, respectively.

Profit

In 2023, 2024 and 2025, the company’s profit for the year was approximately RMB 1.566 billion, RMB 2.438 billion and RMB 3.282 billion, respectively.

Industry Overview

Gold is a precious metal used for coinage, jewelry, and high-tech manufacturing. The upstream of the gold industry chain includes raw material and equipment suppliers. The midstream includes gold mining, gold ore dressing and refining/smelting, and gold smelting and refining. The downstream covers gold products used/for jewelry, industrial/technical applications, investment, and central bank reserves. Gold recycling provides additional supply beyond gold mine production.

Global Gold Demand

Global gold demand fluctuated from 2021 to 2025. After 2022, it declined slightly. Overall, it grew at a compound annual growth rate of 5.6%. Since 2024, demand has shown an accelerating growth trend. It is expected that by 2030, global gold demand will reach 195.0 million troy ounces.

From 2021 to 2025, China’s gold demand grew at a compound annual growth rate of –4.2%. During this period, China’s gold demand experienced fluctuations mainly due to changes in investment consumption demand. Between 2025 and 2030, China’s gold demand is expected to remain at a stable level, with a compound annual growth rate of 0.2%. It is expected that the main demand growth will come from investment-related demand.

Gold Supply and Gold Resources

From 2021 to 2025, global gold reserves showed a consistent upward trend. In addition, as the global economy recovered and grew, demand for various resources steadily increased, prompting industries to increase investment in resource development. From 2021 to 2025, global gold reserves increased from 1,704.0 million troy ounces to 2,121.9 million troy ounces. Meanwhile, China’s gold reserves increased from 64.3 million troy ounces to 102.9 million troy ounces.

Potential improvements in mining technology and operational efficiency are also expected to support an increase in gold mineral production. From 2025 to 2030, it is expected that global and China’s gold mineral production will both rise, increasing from 118.0 million troy ounces and 12.3 million troy ounces to 122.5 million troy ounces and 13.0 million troy ounces, respectively.

Global Gold Average All-in Sustaining Cost

All-in sustaining cost refers to the total cost per ounce of gold required to sustain long-term mine operations, covering production, capital, and exploration expenses. As a core metric for assessing economic viability, its level depends on resource quality and operational efficiency. Better resource quality and more robust management typically result in lower costs and stronger competitiveness.

Gold miners improve efficiency and output through advanced technologies, supply chain optimization, and large-scale production, thereby reducing all-in sustaining costs. From the first quarter of 2021 to the fourth quarter of 2025, global all-in sustaining costs rose steadily from USD 1,050 per ounce to USD 1,629.5 per ounce. When the margin between the gold price and the all-in sustaining cost expands, producers often increase output.

Compared with the top 10 global gold producers, the company’s all-in sustaining cost is competitive.

Board Information

The company’s board of directors will comprise 11 directors, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors. Directors’ terms are 3 years, and upon expiry, they may be re-elected.

Equity Structure

As of March 20, 2026, Shandong Gold Mining holds 802,251,840 A shares, representing approximately 28.89% of the company’s issued share capital. Shandong Gold Mining is a subsidiary of Shandong Gold Group. In addition, Mr. Wang holds 11.96% of the company’s shares.

Intermediary Team

Joint sponsors: CITIC Securities (Hong Kong) Company Limited, China International Capital Corporation Hong Kong Securities Limited, UBS Securities Hong Kong Limited

Company legal counsel: For Hong Kong and U.S. laws: Baker McKenzie Lawyers; for PRC laws: Zhong Lun Law Firm; for Namibian laws: Cronje Incorporated

Joint sponsor legal counsel: For Hong Kong and U.S. laws: Woo Kie Seng Lawyers; for PRC laws: Jia Yuan Law Firm;

Auditors and reporting accountants: KPMG

Industry consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd.

Compliance adviser: Chao Yao Capital Co., Ltd.

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