HKEX Becomes the World's Largest Mining IPO Fundraising Market in 2025
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HKEX raised $5.4 billion in mining IPOs in 2025, topping every other exchange globally, with total mining equity capital markets funding hitting $9.5 billion — a ten-year high. This means → global mining capital is concentrating in Hong Kong, driven by AI and the energy transition.
What does $5.4 billion actually mean?
According to Dealogic, Hong Kong's mining IPO proceeds reached $5.4 billion in 2025 — the world's largest. Total mining equity funding, including secondary offerings, hit $9.5 billion, a ten-year record.
The momentum carried into 2026: by mid-year, mining companies had raised a cumulative $7.2 billion across 24 transactions on Hong Kong's equity capital markets.
In plain terms = Hong Kong is shifting from a "tech-listing hub" to a "global mining-finance hub" — and the shift is happening fast.
Why will mining demand keep growing?
HKEX points to three structural drivers: AI infrastructure buildout, the global energy transition, and re-industrialization — all pulling long-term demand for copper, aluminum, lithium, cobalt, nickel, and rare earths.
The IEA projects AI-related power demand will rise from 460 TWh in 2024 to over 1,000 TWh by 2030 — more than doubling. This means → industrial metals like copper and aluminum ride the same curve as electricity demand.
On the energy-transition side, the IEA estimates that by 2040 lithium supply must grow fivefold, nickel must double, and cobalt must rise 50–60%. The extra mining investment needed globally could reach $500 billion.
Who is listing in Hong Kong?
Zijin Gold International completed a $3.7 billion spin-off listing in 2025 — one of the year's largest mining financings.
Indonesian gold miner Merdeka Gold Resources closed a $315 million offering in June 2026, marking Hong Kong's first dual-primary listing by an Indonesian company in nearly two decades.
Kazakh tungsten producer Jiaxin International Resources and Nanshan Aluminium International (Indonesian aluminum assets) also chose Hong Kong. This reflects a broadening issuer base — no longer dominated by Chinese-background companies; Central Asian and Southeast Asian miners now treat Hong Kong as their go-to platform.
Why does the convertible-bond market matter here?
MMG, Zijin Mining, CMOC, Tianqi Lithium, China Hongqiao, and Shandong Gold have all issued convertible bonds or conducted share placements through Hong Kong.
Dealogic data shows Hong Kong's convertible / exchangeable bond market raised $18.1 billion in the first half of 2026 — nearly matching the full-year 2025 figure of roughly $20 billion.
This means → mining companies are not just coming to Hong Kong for IPOs — they are keeping their follow-on financing here too, forming a full funding chain.
What has HKEX done to prepare the plumbing?
HKEX signed MOUs with Kazakhstan's Astana International Exchange and Astana International Financial Centre, exploring dual listings and green-finance cooperation.
In November 2023, HKEX added the Indonesia Stock Exchange to its recognized-exchange list, opening a direct pathway for Indonesian mining issuers.
Ongoing cooperation with Bursa Malaysia is expected to draw more Southeast Asian issuers. In plain terms = HKEX is onboarding mining companies region by region through "sign the agreement + open the door."
What should we watch next?
HKEX says interest from Central Asian, Southeast Asian, North American, and South American companies continues to rise.
But big fundraising volume does not automatically equal pricing power. Whether Hong Kong can convert "lots of money raised" into lasting pricing authority and liquidity depth is the real test of its mining-finance-hub status.
This signals a deeper question: where global mining capital chooses to price ultimately depends on trading activity and institutional-investor depth — not just IPO counts.
Content is for reference only, not financial advice.