AsianFin -- Zijin Gold International, a wholly owned subsidiary of China’s Zijin Mining, is seeking to raise HK$24.98 billion ($3.21 billion) in its Hong Kong initial public offering, marking the city’s largest listing this year, according to its prospectus released Friday.

The gold miner is offering 349 million shares at HK$71.59 each, with trading set to begin on September 29. The deal will value Zijin Gold at about $24.1 billion.

The listing comes amid a rally in gold prices, which have surged nearly 39% this year as investors flock to the metal in response to falling interest rates and global uncertainty.

Zijin Gold’s IPO will surpass Chinese automaker Chery’s $1.2 billion share sale earlier this week to become Hong Kong’s biggest deal of 2025. Activity in the city’s capital markets has been dominated by mainland-listed companies raising funds through secondary share sales.