Zijin Gold International agreed on 22 March to take control of Chifeng Jilong Gold Mining in a two-part transaction worth about RMB18.26bn ($2.65bn).
Why Zijin Gold International (Zijin Mining Group) is buying Chifeng Jilong Gold Mining Co., Ltd.
Zijin Mining said the deal would significantly enhance its resource reserves and give it a high-quality listed domestic gold platform, strengthening its ability to consolidate gold assets.
Deal terms and financing
Zijin Gold will buy 241.9m A shares, about 12.73% of Chifeng, from Li Jinyang and Zhejiang Hanfeng at RMB41.36 per share, and subscribe for 310.9m new H shares at HK$30.19 under a specific mandate, raising about HK$9.39bn for Chifeng. Zijin's group will then own 571.7m shares, or 25.85% of the enlarged capital.
Regulatory approvals and timing
The H-share issue required approval at Chifeng's extraordinary general meeting, held on 7 May 2026, and the subscription price was later adjusted for a dividend. On 28 September 2026 Chifeng said more time was needed to satisfy conditions precedent and extended both long-stop dates to 30 November 2026 (HKEX announcement, 28 September 2026).
Market context
The A-share purchase price was a 1.3% premium to Chifeng's close before its trading halt on 19 March. Chifeng's Hong Kong filings show operations including the Sepon gold-copper mine in Laos; the company renamed itself Chifeng Jilong Gold Mining Group in May 2026.
